SYDNEY - Kazia Therapeutics Limited (NASDAQ: KZIA), an Australian biotechnology firm focused on cancer treatment development, announced the successful completion of the first stage of the EVT801 Phase 1 clinical trial.
The Safety Review Team (SRT), comprising lead investigators, an independent medical monitor, and Kazia Therapeutics members, has determined that the maximal tolerated dose (MTD) is 500mg twice daily, with 400mg twice daily recommended for phase 2 trials.
The trial included 26 patients across six dosing cohorts, with advanced ovarian cancer being the most common among participants. The study reported that 46% of these patients showed stable disease or better after receiving EVT801 for at least three treatment cycles. EVT801 is a selective VEGFR3 tyrosine kinase inhibitor, which, based on preclinical data, is believed to have favorable immune activity and the potential to stabilize tumor blood vessels.
Kazia's CEO, Dr. John Friend, expressed optimism about the clinical activity seen in advanced ovarian cancer patients, emphasizing the need for new therapies in this area. The Phase 1 study is designed to evaluate the safety, tolerability, and pharmacokinetics (PK) of EVT801 in subjects with advanced or metastatic solid tumors for which standard treatments are ineffective or unavailable.
The company plans to present the final stage 1 data and discuss the next steps in the drug's development at a scientific conference later this year.
This announcement is based on a press release statement from Kazia Therapeutics Limited.
InvestingPro Insights
As Kazia Therapeutics Limited (NASDAQ: KZIA) progresses with its EVT801 Phase 1 clinical trial, investors and industry watchers are closely monitoring the company's financial health and market performance. According to InvestingPro data, Kazia's market capitalization stands at a modest $8.83 million, reflecting the company's niche status in the competitive biotechnology industry. Despite the challenges, analysts who provide InvestingPro Tips have highlighted several key points that may influence investor sentiment.
One such InvestingPro Tip points out that Kazia holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. Additionally, analysts are optimistic about the company's future, expecting net income and sales growth in the current year. This could be particularly relevant given the recent advancements in their clinical trials.
However, it's also important to note that the company has not been profitable over the last twelve months, and the stock price has experienced significant volatility, with a notable decline over the past year. The price has fallen by 74.73% from the previous year, as of the latest data. Moreover, the stock has taken a considerable hit over the last week, with a price total return of -13.93%.
Investors considering Kazia as a potential addition to their portfolio might also be interested in the InvestingPro Fair Value estimate, which currently stands at $0.4 USD, offering a perspective on the stock's valuation.
For those looking for more in-depth analysis, InvestingPro offers additional insights, with a total of 11 more InvestingPro Tips available for Kazia, which can be found at https://www.investing.com/pro/KZIA. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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