Edison issues ADR update on Kazia Therapeutics (KZIA)
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Edison issues ADR update on Kazia Therapeutics (KZIA)

Monday, April 1, 2019 7:40 AM
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LONDON, UK / ACCESSWIRE / April 1, 2019 / Kazia Therapeutics (NASDAQ: KZIA) presented encouraging data from the Cantrixil Phase I study in a poster at American Association for Cancer Research (AACR) this week. Five of the nine evaluable patients (56%) showed stable disease at the completion of monotherapy treatment and one patient achieved an ongoing partial response to Cantrixil plus paclitaxel therapy. The extension cohort has already recruited nine of 12 subjects; data likely H219. Kazia's primary focus is on GDC-0084, which is in three clinical studies in brain cancers. Initial data from the Phase IIa study in glioblastoma are expected in Q219. We increase our valuation range to between $64m and $111m.

We increase our indicative valuation range to $64–111m or $10.31–17.82 per ADR (vs $63–105m, $10.51–17.57 per ADR), under either post-Phase III approval or accelerated approval scenarios for GDC-0084. We have rolled forward our model and have made adjustment for the sale of the Noxopharm shareholding for $1.8m (vs our previous valuation of $2.7m). We estimate that cash of $4.1m at 31 December 2018 plus the Noxopharm sale proceeds will fund activity into H219, by which time preliminary data from the GDC-0084 Phase IIa are expected to have read out. We estimate that Kazia will need additional funds in the order of $11-15m to fully fund the GDC-0084 Phase IIb study.

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