LONDON, UK / ACCESSWIRE / May 11, 2018 / Kazia Therapeutics (NASDAQ: KZIA) (FSE: NV9) has initiated the dose optimization lead-in component of the Phase II trial of GDC-0084 in glioblastoma, with initial data expected in Q119. Initial data from the Cantrixil ovarian cancer Phase I are due shortly. In January Kazia received a ~5% shareholding in Noxopharm (current market value ~$3m) in return for collaborative support of that company's lead program. We roll forward our DCF model and add in the Noxopharm shareholding, which increases our valuation to between $56m and $101m.
We have increased our indicative valuation range to $56-101m or $11.10-20.16 per share (vs $53-96m, $10.88-19.89 per share), under either post-Phase III approval or accelerated approval scenarios for GDC-0084. The valuation changes reflect rolling forward our DCF model and adding in the Noxopharm shareholding. Kazia had $5.0m cash at 31 December 2017, and received a $3.0m R&D rebate in February. We forecast current cash will be sufficient to fund operations into FY19, by which time preliminary Cantrixil data are likely to read out. We estimate the company may require ~$5m of additional funding in FY19, part of which could be secured against the Noxopharm shareholding.
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SOURCE: Kazia Therapeutics
