On 15 January 2019, Kazia Therapeutics Limited (ASX: KZA; NASDAQ: KZIA) announced that it has received approximately $2.2 million cash rebate from the Australian Taxation Office under the R&D Tax Incentive Program for the financial year ending 30 June 2018. The tax rebate is offered to encourage Australian domestic companies to fund their genuine R&D initiatives further benefitting the economy.
As stated by Dr. James Garner, Kazia CEO, âthe R&D tax rebate acts as a significant source of funding for the Company. The company plans to utilize and invest the obtained funds in developing two major clinical programs.â Kazia Therapeutics Limited is Australia based biotechnology company focussed on developing innovative drugs for the treatment of cancers and tumours.
The companyâs flagship product offering is GDC-0084, which inhibits PI3K / AKT / mTOR pathway, a critical element developing certain forms of cancer. It aims to treat Glioblastoma Multiforme (GBM), the most common primary brain tumour in adults. Sourced from Genentech, it is one of the worldâs most successful cancer drug developers.
The innovative drug targets to treat approximately 65% of the newly diagnosed GBM patients who fail to respond to existing chemotherapy treatment with temozolomide. Below is the important timeline for GDC-0084, currently in Phase 2A clinical stage:
- Q2 2018 - Received orphan designation by the US FDA and started Phase 2A clinical study in first-line GBM
- Q4 2018 - Commenced potential collaborations in other brain cancers
- Q1 2019 - Plans to commence other potential collaborations
- Q2 2019 - Plans of results declaration from Phase 2A clinical study on drug safety and dosing
- Q4 2019 - Plans of Data read out from Phase 2A clinical study on preliminary efficacy
GDC-0084 has potential to meet critical unmet medical demand with the existing therapy working in approximately 35% of the patients.
TRX-E-002-1 is being developed for the treatment of ovarian cancer and is currently in Phase 1B clinical stage. Below is the important timeline for TRX-E-002-1:
- Q2 2018 - Preliminary data from Phase 1 study in ovarian cancer
- Q4 2018 - Phase 1 A study completed on drug safety and dosing
- Q3 2019 â Plans of Data read out from Phase 1 study on preliminary efficacy
Financial Performance: Kazia Therapeutics reported a Net Loss After Income Tax of $6.04 million in FY18 as compared to $10.67 million in FY17. The Net Current Assets for the group stood at $5.372 for the year ending June 2018 as compared to $14.10 million in the previous corresponding year. Operating cash outflow of $8.66 million was recorded for the fiscal year 2018.
Stock performance: The shares of Kazia Therapeutics are trading at A$0.365, up by 1.39% (as at 2:54 PM, 15 January 2019) with a market capitalization of $22.38 million and 62.17 million outstanding shares. With negative performance change of 94.70% since its inception, the companyâs stock is generating a negative return of 24.21% over the last six months.
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