Biotech Experiences Strong Open Following Major Announcement

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Wednesday, July 10, 2024

An Australian biotech company is already turning heads so far on Wednesday after it was announced results from its GBM-AGILE, which is a phase II/III study that included an evaluation of paxalisib versus standard of care (SOC) for patients with glioblastoma (NCT03522298), a life-threatening brain cancer, where there is an urgent unmet need for new therapeutics.

According to the release, Dr. John Friend, CEO of Kazia Therapeutics Limited (Nasdaq:KZIA), said the company is “excited to have shown a 3.8 month improvement in overall survival, an approximate 33% improvement, for newly diagnosed unmethylated patients with GBM compared to the concurrent standard of care arm. Having comparable Overall Survival data across two independent studies is a compelling outcome in this difficult to treat glioblastoma population. We look forward to discussing possible approaches for an accelerated approval pathway for paxalisib with the FDA."

Traders were quick to snatch up shares of this micro cap, causing them to open up at $0.30/share (+56.25%) on Wednesday. It should be an exciting session to watch!

Kazia Therapeutics Ltd is an oncology-focused biotechnology company, developing innovative anti-cancer drugs. The group is developing GDC-0084, a potential treatment for glioblastoma; Cantrixil, being developed for the treatment of ovarian cancer; and Others.

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