This comes after the holder reiterated its confidence in the biotechnology company’s oncology drug develoomet last week by increasing its share to 17.4% from 13.8%.
Due to a restructure, the Kazia shares are now held by Willoughby Capital Pty Ltd ATF Willoughby Capital Trust, an associated entity of Hishenk due to common directors and shareholders.
Kazia is developing GDC-0084 brain penetrant PI3K inhibitor GDC-0084 and a third generation benzopyran drug, Cantrixil.
Licensed from Genentech in October 2016, GDC-0084 is a novel targeted therapy that inhibits the PI3K pathway, important in many forms of cancer and activated in 85-90% of GBM cases.
Glioblastoma multiforme is the most common and aggressive form of primary brain cancer, with chemotherapy treatment temozolomide only effective in one-third of patients.
Furthermore, the median survival rate is 12-15 months from diagnosis, meaning there is demand in the market for superior treatments.