LONDON, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Kazia (KZIA) has added two further indications to the development program for its brain-penetrant PI3K inhibitor GDC-0084 through collaborations with prestigious US-based cancer centers. The collaborations further validate the potential of GDC-0084, which was in-licensed from Genentech in 2016. Importantly, the two additional indications will provide alternative pathways to a potential first marketing approval for GDC-0084, increasing the overall likelihood of success. Kazia’s ongoing Phase IIa study of GDC-0084 in glioblastoma (GBM) is expected to report first data in early 2019. Kazia raised $2.6m through a recent share placement and has a share purchase plan (SPP) underway to raise additional funds. We increase our valuation range to between $63m and $105m.
We increase our indicative valuation range to $63–105m or $10.51–17.57 per share (vs $56–101m, $11.10–20.16 per share), under either post-Phase III approval or accelerated approval scenarios for GDC-0084. The changes reflect the addition of the DIPG indication, a modest increase in forecast peak sales for breast cancer brain metastases, and dilution from shares issued for the capital raise.
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