Plus Therapeutics Announces Leadership Appointments for its CNSide Diagnostics Subsidiary

Rhea-AI Summary

Plus Therapeutics (NASDAQ: PSTV) has announced key leadership appointments for its CNSide Diagnostics subsidiary. Russell Bradley has been named President and General Manager, bringing over 30 years of leadership experience in diagnostics from companies like Abbott Laboratories, Luminex , and Beckman Coulter.

The company has also appointed Dr. Marc Hedrick, Rick Hawkins, and Russell Bradley to the CNSide Board of Directors. Additionally, Dr. Jonathan Stein has been appointed as CNSide Medical Director, bringing 20 years of expertise in molecular diagnostics, assay development, and regulatory compliance.

CNSide Diagnostics plans to begin a pilot market introduction this quarter, focusing on developing improved tools for testing and treating leptomeningeal disease. The subsidiary aims to secure full capitalization to support early access and initial launch plans in the U.S.

Positive

• Strategic expansion into diagnostics market with new subsidiary leadership
• Appointment of experienced executive with 30+ years in diagnostics industry
• Planned pilot market introduction in current quarter

Negative

• Additional capital requirements needed for launch plans

Russell Bradley Named President & General Manager of CNSide

Dr. Marc Hedrick, Rick Hawkins, and Russell Bradley Join CNSide Board of Directors

Dr. Jonathan Stein Appointed CNSide Medical Director

AUSTIN, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, today announced that is has appointed Mr. Russell Bradley as the President and General Manager of its wholly-owned subsidiary, CNSide Diagnostics, LLC (“CNSide”). Furthermore, Plus has also appointed Dr. Marc Hedrick, Mr. Rick Hawkins, and Mr. Russell Bradley to the CNSide Board of Directors, and Dr. Jonathan Stein has been named CNSide Medical Director.

"On behalf of Plus and the CNSide board of directors, I am extremely pleased to welcome Russ Bradley to lead CNSide Diagnostics," said Marc H. Hedrick, Plus Therapeutics President and Chief Executive Officer. "Russ is a seasoned and experienced operator across the diagnostic landscape and will make an immediate impact on CNSide as we begin a pilot market introduction this quarter.”

Russ Bradley brings over 30 years of leadership experience in diagnostics and life sciences, having held senior executive roles at Abbott Laboratories, Luminex Corporation, and Beckman Coulter. Throughout his career, he has successfully launched and scaled market-leading diagnostic platforms, developed global growth strategies, and led business transformations.

"In recent months, through conversations with leading neuro-oncologists and the teams at Plus Therapeutics and CNSide Diagnostics, the urgent need for improved tools to test for and treat leptomeningeal disease has become abundantly clear," said Mr. Bradley. "I am excited to take on this role and build upon the substantial progress achieved by the team over the last nine months. Our immediate priority is to fully capitalize CNSide Diagnostics to support our early access and initial launch plans in the U.S.”

Dr. Jonathan Stein, CNSide’s new Medical Director, is a clinical laboratory executive with over 20 years of expertise in molecular diagnostics, assay development, and regulatory compliance. He has led multiple labs as Chief Science Officer and Medical Director, advancing oncology testing. Previously, he served as Medical Director at Gene By Gene and as a Research Investigator at M.D. Anderson Cancer Center.

About Leptomeningeal Metastases (LM)
LM is a rare complication of cancer in which the primary cancer spreads to the cerebrospinal fluid (CSF) and leptomeninges surrounding the brain and spinal cord. All malignancies originating from solid tumors, primary brain tumors, or hematological malignancies have this LM complication potential with breast cancer as the most common cancer linked to LM, with 3-5% of breast cancer patients developing LM. Additionally, lung cancer, GI cancers and melanoma can also spread to the CSF and result in LM. LM occurs in approximately 5% of people with cancer and is usually terminal with 1-year and 2-year survival of just 7% and 3%, respectively. The incidence of LM is on the rise, partly because cancer patients are living longer and partly because many standard chemotherapies cannot reach sufficient concentrations in the spinal fluid to kill the tumor cells, yet there are no FDA-approved therapies specifically for LM patients, who often succumb to this complication within weeks to several months, if untreated.

About CNSide Diagnostic, LLC
CNSide Diagnostics, LLC is a wholly owned subsidiary of Plus Therapeutics, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide™ LDT Platform enables quantitative analysis and molecular characterization of tumor cells and circulating tumor DNA in the cerebrospinal fluid that inform and improve the management of patients with leptomeningeal metastases. The Company is planning to commercialize CNSide in the U.S. in 2025.

About CNSide Test
The CNSide Cerebrospinal Fluid (CSF) Platform consists of four laboratory-developed tests (LDTs) used for treatment selection and treatment monitoring of patients with Leptomeningeal Metastases (LM) from carcinomas or melanoma. The CNSide platform facilitates tumor cell detection/enumeration and biomarker identification using cellular assays (immunocytochemistry (ICC) and fluorescence in situ hybridization (FISH)) and molecular assays (next-generation sequencing (NGS)). The CNSide CSF tumor cell enumeration LDT is currently being used in the ReSPECT-LM trial as an exploratory endpoint and will be commercially available in 2025.  The product is intended “For Research Use Only. Not for Use in Diagnostic Procedures.” RUO products cannot make any claims related to safety, effectiveness or diagnostic utility, and they cannot be intended for human clinical diagnostic use.

About Plus Therapeutics
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system with the potential to enhance clinical outcomes for patients. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in recurrent glioblastoma (GBM) and leptomeningeal metastases (LM). The Company has built a supply chain through strategic partnerships that enable the development, manufacturing and future potential commercialization of its products. Plus Therapeutics is led by an experienced and dedicated leadership team and has operations in key cancer clinical development hubs, including Austin and San Antonio, Texas. For more information, visit https://plustherapeutics.com/.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as “expect” “potential,” “anticipating,” “planning” and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

These statements include, without limitation, statements under the heading Upcoming Events and Expected Milestones, and statements regarding the following: CLIA compliance certification of the Company’s Houston-based clinical laboratory; the potential promise of rhenium (186Re) obisbemeda; expectations as to the Company’s future performance, including the next steps in developing the Company’s product candidates; the Company’s clinical trials, including statements regarding the timing and characteristics of the ReSPECT-GBM, ReSPECT-LM and ReSPECT-PBC clinical trials; the continued evaluation of rhenium (186Re) obisbemeda including through evaluations in additional patient cohorts;; development and utility of CNSide leptomeningeal metastases diagnostic test.

The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the early stage of the Company’s product candidates and therapies; the results of the Company’s research and development activities, including uncertainties relating to the clinical trials of its product candidates and therapies; the Company’s liquidity and capital resources and its ability to raise additional cash; the outcome of the Company’s partnering/licensing efforts, risks associated with laws or regulatory requirements applicable to it, including the ability of the Company to come into compliance with The Nasdaq Capital Market listing requirements; market conditions, product performance, litigation or potential litigation, and competition within the cancer diagnostics and therapeutics field; ability to develop and protect proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; challenges associated with radiotherapeutic manufacturing, production and distribution capabilities necessary to support the Company’s clinical trials and any commercial level product demand; and material security breach or cybersecurity attack affecting the Company’s operations or property. This list of risks, uncertainties, and other factors is not complete. Plus Therapeutics discusses some of these matters more fully, as well as certain risk factors that could affect Plus Therapeutics’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Plus Therapeutics’ annual report on Form 10-K for the fiscal year ended December 31, 2023, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Plus Therapeutics makes may turn out to be wrong and can be affected by inaccurate assumptions Plus Therapeutics might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.

Investor Contact
Charles Y. Huang, MBA
Director of Capital Markets and Investor Relations
Office: (202)-209-5751 | Direct (301)-728-7222
chuang@plustherapeutics.com

FAQ

What is Plus Therapeutics' (PSTV) new diagnostic subsidiary leadership structure?

Russell Bradley has been appointed as President and General Manager, while Dr. Jonathan Stein serves as Medical Director. The Board of Directors includes Dr. Marc Hedrick, Rick Hawkins, and Russell Bradley.

When will PSTV's CNSide Diagnostics begin its pilot market introduction?

CNSide Diagnostics plans to begin its pilot market introduction in the current quarter of 2025.

What experience does Russell Bradley bring to PSTV's CNSide Diagnostics?

Russell Bradley brings over 30 years of leadership experience in diagnostics and life sciences, with senior executive roles at Abbott Laboratories, Luminex , and Beckman Coulter.

What is the focus of PSTV's CNSide Diagnostics subsidiary?

CNSide Diagnostics focuses on developing improved tools for testing and treating leptomeningeal disease in the central nervous system (CNS).

What are CNSide Diagnostics' immediate business priorities according to PSTV?

The immediate priority is to fully capitalize CNSide Diagnostics to support early access and initial launch plans in the U.S. market.