LONDON, UK / ACCESSWIRE / December 9, 2022 / Kazia Therapeutics has announced the publication of pre-clinical data for its second pipeline asset, EVT801 in the journal Cancer Research Communications. The research was conducted by licensing partner Evotec and was the key driver for Kazia in-licensing the asset in 2021. EVT801 is an inhibitor of vascular endothelial growth factor receptors (VEGFR), which play an important role in angiogenesis and lymphangiogenesis (processes that contribute to tumor growth and metastasis), making VEGFR a well-established therapeutic target. While VEGFR inhibitors have been on the market for over a decade, Kazia asserts that by selectively targeting VEGFR3, EVT801 offers a potent and less toxic therapeutic profile than other benchmark drugs, such as Novartis' Votrient (pazopanib) and Bayer's Nexavar (sorafenib). EVT801 is currently in a Phase I clinical trial with initial data expected in H1 CY23. Our valuation changes slightly to $143.9m or US$8.81 per basic ADR, reflecting the additional shares issued under the at-the-money (ATM) facility.
We update our valuation for the latest issues under the ATM facility, which we estimate has contributed c US$4m in funds in H123 to date for Kazia. Our revised valuation stands at US$143.9m or US$8.81 per basic ADR. We expect the upcoming top-line data for EVT801 in H1 CY23 to be a key share price catalyst.
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