Kazia Therapeutics (KZIA): New asset to target tumor lymphangiogenesis
Kazia Therapeutics has expanded its pipeline by acquiring EVT801, a small molecule inhibitor targeting VEGFR3, from Evotec for €1m upfront plus potential milestones of €308m and tiered single-digit royalties. EVT801, developed in collaboration with Sanofi, is currently in preclinical development, with a Phase I study expected to launch by the end of CY21. The company increased its valuation to US$247m or US$19.14 per basic ADR, up from US$215m. This expansion also raises Kazia's financing requirement to US$36m from US$7m, reflecting increased R&D spending.
- Expansion of pipeline with EVT801, a promising drug targeting tumor lymphangiogenesis.
- Increased valuation to US$247m, reflecting confidence in the new drug.
- Expected Phase I study launch before the end of CY21, indicating development progress.
- Significant increase in financing requirement from US$7m to US$36m, indicating higher financial pressure.
- R&D spending expected to rise substantially, which could impact short-term financial stability.
LONDON, UK / ACCESSWIRE / April 20, 2021 / Kazia announced that it is expanding its pipeline to include EVT801, a novel small molecule inhibitor of VEGFR3. The drug is being licensed from Evotec for €1m upfront, €308m in milestones and tiered single-digit royalties. EVT801 was developed as part of a collaboration between Evotec and Sanofi. Kazia will be responsible for development, but will collaborate with and have access to Evotec resources to support development. The product is currently in preclinical development, but Kazia believes it can launch a Phase I study before the end of CY21.
We have increased our valuation to US
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FAQ
What is Kazia Therapeutics' new drug EVT801 targeting?
What are the financial terms for acquiring EVT801?
When does Kazia expect to launch the Phase I study for EVT801?
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What are the implications of the increased financing requirement for Kazia?
