Edison issues ADR outlook on Kazia Therapeutics (KZIA)

LONDON, UK / ACCESSWIRE / June 23, 2019 / Kazia Therapeutics (ASX: KZA) has identified a higher maximum tolerated dose (MTD) from a Phase IIa study of its brain-penetrant phosphoinositide 3-kinase (PI3K) inhibitor GDC-0084 in glioblastoma (GBM), which may lead to improved efficacy in the ongoing expansion cohort and planned Phase IIb study. A new collaboration with the Alliance for Clinical Trials in Oncology (Alliance) means Kazia will soon have four clinical trials of GDC-0084 underway in primary or secondary brain cancers. It also expects further preliminary efficacy data from its Cantrixil Phase I study in ovarian cancer in H219. We adjust our valuation to between $64m and $103m.

We adjust our indicative valuation range to $64-103m or $10.27-16.50/ADR (vs $64-111m, $10.31-17.82/ADR), due to revised timelines for post-Phase III approval or single-pivotal-study approval scenarios for GDC-0084. Kazia had $4.1m cash at 31 December 2018 and will likely need to raise funds in H219. We estimate ~$11-15m will be needed to fully fund the GDC-0084 Phase IIb study.

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