2023-11-29 07:49:55 ET
Kazia Therapeutics ( NASDAQ: KZIA ) has signed a non-binding letter of intent with an undisclosed biotech firm for the proposed granting of worldwide rights to develop and commercialize its lead candidate, paxalisib, in an indication outside of cancer.
Licensed from Genentech in late 2016, paxalisib is a brain-penetrant inhibitor of the PI3K / Akt / mTOR pathway, which is being developed to treat multiple forms of brain cancer.
The drug was granted FDA Fast Track Designation for glioblastoma in August 2020.
The letter of intent outlines the proposed terms and preliminary conditions of the deal as well as a 90-day exclusivity period. The companies are currently negotiating the definitive license agreement.
The proposed terms include an upfront payment, and potential for clinical and regulatory milestone payments, as well as commercial sales-based royalties and milestones. The license would exclude mainland China, Hong Kong, Macao and Taiwan.
"As we continue to pursue the potential benefits of paxalisib in patients with cancer, this strategic alliance would assist to develop paxalisib to address a significant unmet medical need outside of oncology," said Kazia CEO John Friend.
Shares of Kazia Therapeutics ( KZIA ) are trading 14% higher premarket
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Kazia stock jumps after proposed license deal for paxalisib outside oncology