LONDON, UK / ACCESSWIRE / April 20, 2021 / Kazia announced that it is expanding its pipeline to include EVT801, a novel small molecule inhibitor of VEGFR3. The drug is being licensed from Evotec for €1m upfront, €308m in milestones and tiered single-digit royalties. EVT801 was developed as part of a collaboration between Evotec and Sanofi. Kazia will be responsible for development, but will collaborate with and have access to Evotec resources to support development. The product is currently in preclinical development, but Kazia believes it can launch a Phase I study before the end of CY21.
We have increased our valuation to US$247m or US$19.14 per basic ADR from US$215m or US$16.60 per basic ADR due to the new drug (initial valuation of US$33.7m). This has also increased expected R&D spending significantly and our financing requirement for the company to US$36m (including US$21m in FY23) from US$7m, previously.
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