Plus Therapeutics Secures $5.7 Million Financing to Support Leptomeningeal Metastases Program

Core Points - Plus Therapeutics, Inc. has closed a private placement financing of approximately $3.7 million and received a$2.0 million advance from CPRIT to support clinical development of Rhenium (Re) Obisbemeda for leptomeningeal metastases and the CNSide LM diagnostic test [1][8][12] Private Placement Financing - The private placement involved the issuance of secured convertible promissory notes totaling $3,362,251 and common stock purchase warrants for up to 3,002,009 shares at an exercise price of$1.12 per share [3][4] - The notes have a one-year maturity and are convertible into common stock at the investors' discretion [3][4] - The gross proceeds from the private placement were approximately $3.7 million before deducting offering expenses [5] CPRIT Funding Advance - The$2.0 million advance from CPRIT is part of a larger $17.6 million grant award, with approximately$5.2 million remaining after this advance [8][9] - This funding will accelerate the clinical development of Rhenium (Re) Obisbemeda and the CNSide LM diagnostic test [8] Company Strategy and Future Plans - The capital raised is expected to fully support the completion of two planned LM trials, positioning the company for a pivotal trial in 2026 [2] - The CNSide diagnostic test is planned for commercialization in the U.S. in 2025 [16][17] About Rhenium (Re) Obisbemeda - Rhenium (Re) Obisbemeda is a novel injectable radiotherapy aimed at treating CNS tumors, specifically recurrent glioblastoma and leptomeningeal metastases [13][18] - The treatment utilizes Rhenium-186, which is suitable for CNS therapeutic applications due to its properties [13] About Leptomeningeal Metastases (LM) - LM is a rare but serious complication of cancer, occurring in approximately 5% of cancer patients, often leading to terminal outcomes [12] - There are currently no FDA-approved therapies specifically for LM patients, highlighting a significant unmet medical need [12]