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SYDNEY - Kazia Therapeutics Limited (NASDAQ: KZIA), an Australian biotechnology firm specializing in cancer treatment development, has divested its intellectual property and trademark assets for the oncology drug candidate Cantrixil to Vivesto for USD $1 million. This transaction was disclosed today, providing Kazia, currently valued at $4.92 million in market capitalization, with non-dilutive capital to further its clinical-stage pipeline. According to InvestingPro data, the company’s stock has experienced significant volatility, declining over 71% in the past year.
In March 2021, Vivesto acquired the exclusive global rights to develop and commercialize Cantrixil. Originally intended for ovarian cancer treatment, Vivesto has shifted its focus to investigate the drug’s potential for hematological malignancies. Cantrixil includes TRXE-002-01, a third-generation benzopyran SMETI inhibitor, encapsulated within α-cyclodextrin.
John Friend, M.D., CEO of Kazia, expressed satisfaction with the agreement, emphasizing its contribution to the company’s ongoing research efforts.
Kazia’s primary focus remains on paxalisib, a brain cancer drug candidate, which has been involved in several clinical trials, including a Phase 2/3 study reported in 2024. The U.S. Food and Drug Administration (FDA) has granted paxalisib multiple designations to expedite its development for various indications, including Orphan Drug and Fast Track Designations.
Additionally, Kazia is advancing EVT801, a VEGFR3 inhibitor, with preliminary data presented in September 2024.
The company’s press release also contained forward-looking statements regarding its development plans and potential market opportunities, which are subject to the usual risks and uncertainties inherent in drug development and regulatory processes.
This sale of Cantrixil’s rights represents a strategic move for Kazia as it focuses resources on advancing its lead programs. The information presented is based on a press release statement from Kazia Therapeutics.
In other recent news, Kazia Therapeutics Limited has shared its annual report for the fiscal year ending June 30, 2024, detailing its financial performance and operational progress. The report, filed under the SEC’s Form 20-F, provides insights into the company’s revenue, profit and loss, and cash flow, though specific figures were not disclosed in the press release. Kazia has also secured a $2 million direct offering through the issuance of American Depositary Shares, with Maxim Group LLC acting as the exclusive placement agent. This funding is intended for general corporate purposes, including research and clinical development. In another development, Kazia has received a research grant from The Michael J. Fox Foundation to explore the potential of paxalisib as a treatment for Parkinson’s disease in collaboration with The Hebrew University of Jerusalem. Additionally, Kazia has aligned with the FDA on the study design for its brain cancer drug, paxalisib, particularly for newly diagnosed unmethylated glioblastoma. While the FDA did not support accelerated approval based on current data, it provided guidance for a pivotal phase 3 study for traditional approval. Kazia is also exploring paxalisib for other indications, including pediatric brain cancer and brain metastases.
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