Edison Investment Research Limited: Edison issues ADR outlook on Kazia Therapeutics (KZIA)

London, UK, 2 September 2020

Edison issues ADR outlook on Kazia Therapeutics (KZIA)

We are reinitiating on Kazia Therapeutics, which is entering late-stage trials for its lead product, paxalisib, for glioblastoma multiforme (GBM). The product is a PI3K inhibitor originally developed by Genentech to cross the blood-brain barrier. The drug is scheduled to be included in the ongoing GBM AGILE study, an innovative investigator-sponsored study testing multiple candidates against the disease, with the first paxalisib patients being enrolled by the end of 2020. We are reinitiating with a valuation of US$104m or US$10.98.

We are reinitiating on Kazia, with new models and assumptions, at US$104m (A$145m) or US$10.98 per ADR. Paxalisib for GBM is our highest value program US$82m (A$115m) and we forecast US$450m peak sales. We expect the company to need US$32m (A$45m) in additional capital to reach approval of paxalisib in 2025.

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