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ASLAN Pharmaceuticals — Enrolment for China study adjusted

ASLAN Pharmaceuticals — Enrolment for China study adjusted

ASLAN announced it would be amending the protocol for its ongoing Chinese pivotal trial of varlitinib in biliary tract cancer (BTC). The patients being enrolled in China had more severe disease than expected based on historical controls, which manifested as a weaker than expected response to treatment on the trial. Due to delays, the Chinese study may not complete before the ongoing TREETOP study, which would then serve as a pivotal study for approval in China and is expected to complete in 2019.

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Written by

ASLAN Pharmaceuticals

Enrolment for China study adjusted

Clinical update

Pharma & biotech

19 September 2018

Price

US$7.70

Market cap

US$246m

NT$30.78/US$

Net cash ($m) at 30 June 2018

44.5

ADS in issue

32.0m

Free float

66.58%

Code

ASLN

Primary exchange

NASDAQ

Secondary exchange

Taipei

Share price performance

%

1m

3m

12m

Abs

(1.6)

(8.6)

N/A

Rel (local)

(3.5)

(12.7)

N/A

52-week high/low

US$10.2

US$5.4

Business description

ASLAN Pharmaceuticals is a Singapore-based drug developer targeting Asia-prevalent diseases. It has varlitinib in pivotal clinical trials for biliary tract cancer and gastric cancer, and will be advancing ASLAN003 to Phase II trials for acute myeloid leukaemia and ASLAN004 to Phase I for atopic dermatitis.

Next events

Varlitinib first-line BTC results

Late 2018

Varlitinib GC interim results

H218

Varlitinib BTC update

Early 2019

Analysts

Nathaniel Calloway

+1 646 653 7036

Maxim Jacobs

+1 646 653 7027

ASLAN Pharmaceuticals is a research client of Edison Investment Research Limited

ASLAN announced it would be amending the protocol for its ongoing Chinese pivotal trial of varlitinib in biliary tract cancer (BTC). The patients being enrolled in China had more severe disease than expected based on historical controls, which manifested as a weaker than expected response to treatment on the trial. Due to delays, the Chinese study may not complete before the ongoing TREETOP study, which would then serve as a pivotal study for approval in China and is expected to complete in 2019.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/16

11.5

(7.6)

(0.07)

0.00

N/A

N/A

12/17

0.0

(38.8)

(0.31)

0.00

N/A

N/A

12/18e

0.0

(40.8)

(0.26)

0.00

N/A

N/A

12/19e

0.0

(61.1)

(0.36)

0.00

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Patients’ disease more severe than expected

At the time of the announcement, 27 patients had been enrolled on the study, However, due to unknown reasons, these patients had much more severe disease than as initially expected. This manifested itself as much poorer outcomes to prior treatment: only 7% of patients had a response to prior treatment, and their progression-free survival (PFS) was 2.7 months. This is compared to 26% and eight months respectively from a study in the UK. The cause of the different responses is unclear but could be a combination of enrolment bias, demographic factors or different care parameters.

Severe disease complicates data interpretation

The severity of these patients’ disease complicates the interpretation of the study, as it is single arm and requires comparison to historical controls. Of 14 patients evaluable at six weeks, only one had a partial response and six had stable disease. This is worse than seen in the company’s previous dosing study (three of 15 partial responses, and 10 of 15 stable disease) even with non-optimised treatment. With these results, continuing the protocol without amendment would be futile.

Good news: This trial does not need to be pivotal

Although the company intended to use this study as a pivotal study in China, owing to recent regulatory reforms, the ongoing placebo-controlled pivotal TREETOP study can be used instead if needed. That said, the company intends to complete the Chinese trial regardless, which will be invaluable to understanding the nature of BTC treatment and the market in China.

Valuation: $389m or $12.13 per ADS

We have slightly adjusted our valuation of ASLAN to $389m from $399m. This is driven by increased development costs and a longer timeline in China (2020 approval vs 2019 before), as well as lower net cash, and is partly offset by advancing our NPVs.

Protocol amendments to ensure quality patients

ASLAN announced on 17 September 2018 that it would be amending the protocol for its ongoing Chinese clinical study of varlitinib for the treatment of BTC. The study was open label with a single arm, enrolling 68 patients, but slated as a pivotal study following feedback from the National Medical Products Administration (NMPA; formerly the CFDA). The goal of these protocol amendments is to ensure that patients enrolled on the study represent a realistic depiction of individuals that have completed their first-line therapy. The company found that on average the patients that were enrolled in the study to date had significantly more severe disease than in historical controls. In total, 27 patients were enrolled to date, of which only 7% had a response to first-line therapy and PFS was 2.7 months. This is compared to 26% response and an eight-month PFS seen in historical data.1 It is unclear at this point why the patients enrolled were more severe than expected; it could reflect selection bias, differences in treatment, environmental or demographic factors, or some combination of the above. There are very few historical clinical data on BTC in China. However, it is clear the company believed it would not be able to get an accurate depiction of valitinib’s capacity to alter outcomes in this severe background. Given that the study has a single arm, it relies on such historical controls for its conclusions.

  Valle J, et al. (2010) Cisplatin plus Gemcitabine versus Gemcitabine for Biliary Tract Cancer. New Eng J Med 362, 1273-1281.

Despite the fact that the patients enrolled to date were not ideal, the company provided an update of the data gathered to date. Overall, 14 of the 27 patents enrolled to date had completed their six-week evaluation at the time of the announcement. Of these one had a partial response and six had stable disease. This is substantially lower than the company previously reported for varlitinib in its dose-ranging Phase Ib study (three of 15 partial responses, and 10 of 15 stable disease), and responses should be better for an optimised dose.

The precise parameters of the protocol amendment were not released, but the company did state that the amendments will take approximately four months to be finalised at all clinical sites. The company will continue to enrol over this period. We expect a significant fraction of patients to date will be culled from the analysis, necessitating additional data. The company estimated a total cost of the trial of US$6m. It stated that it will provide a clearer picture of timelines in early 2019.

Changes come in the background of regulatory shifts

ASLAN’s Chinese clinical study has already undergone previous amendments reflecting the ongoing regulatory reforms in the country. It was initiated as a 25-person bridging study to compliment the data from the double-blind, placebo-controlled TREETOP study. The Chinese authorities have historically required that such bridging studies accept foreign data to ensure that drugs will behave similarly in Chinese populations. Over the intervening period, the NMPA has liberalised its approach and does not necessarily require bridging studies and applications can rely on purely foreign clinical studies as long as it provides data on ‘the existence of ethnic differences’. These changes were made to encourage the entry of foreign medicines into the Chinese market. The interpretation of these standards has been somewhat unclear, but it signals an increased willingness on the part of regulators to consider foreign data up to international standards.

Although the Chinese bridging study would no longer be technically required, following a discussion with the CDA ASLAN made the strategic decision In January 2018 to expand the study to 68 patients, which the authorities assured the company could serve as a pivotal study. This study would therefore have been the main data package to the agency, and therefore could provide an accelerated pathway to market (because TREETOP would not need to be completed first). The main change to the protocol was the number of patients enrolled, and it could remain open label and single arm.

However, following these most recent delays, the timing of the Chinese study has been pushed back such that we expect it to complete at roughly the same time as TREETOP. It may still serve as the pivotal study in China depending on the data and if it completes first, but this is not a necessity. With the new openness of the CDA to foreign data, TREETOP could feasibly serve as a pivotal study with or without the Chinese study in theory. Despite this, the company made the decision to amend its protocols to ensure the Chinese study yields meaningful data. We believe this is prudent for a number of reasons. First, it provides a hedge against the uncertainty of the Chinese regulators and provides a data package that should be satisfactory regardless of how the new mandates are interpreted. Additionally, it will provide real-world data on how BTC is treated in China, how these patients respond, and how varlitinib can impact outcomes. As we mentioned above, there is very little information available on this disease in this population. All of these details will be essential for the eventual commercialisation of the product in China, regardless of their regulatory impact.

Valuation

We have slightly adjusted our valuation of ASLAN to $389m from $399m (although our per-ADS value remains unchanged at 12.13 due to an updated ADS count). This change is driven by the additional development costs for the trial in China, as well as a slight delay in Chinese commercialisation (launch in 2020 vs 2019), and lower net cash. These factors are largely offset by advancing our NPVs to the most recent period. Given the Chinese trial does not necessarily need to support approval, we are keeping our probability of success for this region on a par with other regions where the TREETOP study will be pivotal.

Exhibit 1: Valuation of ASLAN

Program

Indication

Region

Clinical stage

Prob. of success

Launch year

Peak sales ($m)

Margin/ royalties

rNPV ($m)

Varlitinib

2nd-line BTC

US + Europe

Phase II/III

30%

2020

277

59%

125.2

East Asia

Phase II/III

30%

2020

195

53-58%

74.6

R&D

-7.1

1st-line GC

US + Europe

Phase II/III

20%

2021

182

57%

32.7

East Asia

Phase II/III

20%

2021

302

54-60%

53.0

R&D

-5.9

Upfront and sales milestones payable

-9.8

ASLAN003

1st-line AML

US + Europe

Phase II ready

10%

2022

308

59%

39.1

R&D

-2.2

ASLAN002 royalties

1st-line BC + GC

US + Europe

Phase II

15%

2022

909

5%

17.4

ASLAN004

Refractory AD

US + Europe

Phase I

15%

2024

587

55%

43.4

R&D

-6.6

Unallocated costs

-9.8

Total

344.1

Net cash and equivalents (Q218) ($m)

44.5

Total firm value ($m)

388.6

Total basic ADSs (m)

32.0

Value per ADS ($)

12.13

Source: ASLAN reports, Edison Investment Research

Financials

ASLAN reported an operating loss of NT$340m for Q218. We have increased our expected R&D spending for 2018 ($31.3m from $30.5m) and 2019 ($36.3m from $34.8m) based on the cost of the Chinese protocol amendment. Combined with the later revenue from China, this has increased our future financing requirement to $100m (from $82m), which we include as illustrative debt ($60m in 2019, $40m in 2020).

Exhibit 2: Financial summary

US$000s

2016

2017

2018e

2019e

31-December

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

11,547

0

0

0

Cost of Sales

(125)

0

0

0

Gross Profit

11,422

0

0

0

R&D

(13,165)

(30,001)

(31,276)

(36,313)

SG&A

(6,956)

(9,139)

(10,966)

(26,186)

EBITDA

 

 

(7,204)

(37,803)

(40,472)

(60,657)

Normalised operating profit

 

 

(7,280)

(38,013)

(40,700)

(60,882)

Amortisation of acquired intangibles

0

0

0

0

Exceptionals

0

0

0

3

Share-based payments

(1,420)

(1,127)

(1,542)

(1,619)

Reported operating profit

(8,700)

(39,140)

(42,242)

(62,498)

Net Interest

(477)

(54)

(302)

(176)

Joint ventures & associates (post tax)

0

0

0

0

Exceptionals

127

(699)

247

0

Profit Before Tax (norm)

 

 

(7,629)

(38,765)

(40,755)

(61,058)

Profit Before Tax (reported)

 

 

(9,049)

(39,892)

(42,297)

(62,675)

Reported tax

0

0

0

0

Profit After Tax (norm)

(7,629)

(38,765)

(40,755)

(61,058)

Profit After Tax (reported)

(9,049)

(39,892)

(42,297)

(62,675)

Minority interests

0

0

0

0

Discontinued operations

0

0

0

0

Net income (normalised)

(7,629)

(38,765)

(40,755)

(61,058)

Net income (reported)

(9,049)

(39,892)

(42,297)

(62,675)

Basic average number of shares outstanding (m)

105

124

154

170

EPS - basic normalised (US$)

 

 

(0.07)

(0.31)

(0.26)

(0.36)

EPS - diluted normalised (US$)

 

 

(0.07)

(0.31)

(0.26)

(0.36)

EPS - basic reported (US$)

 

 

(0.09)

(0.32)

(0.27)

(0.37)

Dividend (US$)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

593

689

23,401

21,347

Intangible Assets

84

84

22,845

20,791

Tangible Assets

384

444

366

366

Investments & other

125

161

190

190

Current Assets

 

 

53,121

50,645

23,224

28,563

Stocks

0

0

0

0

Debtors

1,294

0

0

0

Cash & cash equivalents

51,737

50,573

23,028

28,367

Other

90

72

196

196

Current Liabilities

 

 

(3,804)

(5,979)

(5,683)

(9,971)

Creditors

(3,804)

(5,979)

(5,683)

(9,971)

Tax and social security

0

0

0

0

Short term borrowings

0

0

0

0

Other

0

0

0

0

Long Term Liabilities

 

 

(8,336)

(9,841)

(10,057)

(70,110)

Long term borrowings

(8,336)

(9,679)

(9,576)

(69,629)

Other long term liabilities

0

(162)

(481)

(481)

Net Assets

 

 

41,575

35,513

30,885

(30,171)

Minority interests

0

0

0

0

Shareholders' equity

 

 

41,575

35,513

30,885

(30,171)

CASH FLOW

Op Cash Flow before WC and tax

(7,204)

(37,803)

(40,472)

(60,657)

Working capital

1,524

3,274

(1,130)

26,827

Exceptional & other

(109)

(5)

(351)

1,880

Tax

0

0

(9)

0

Net operating cash flow

 

 

(5,789)

(34,534)

(41,963)

(31,950)

Capex

(374)

(291)

(153)

(225)

Acquisitions/disposals

(81)

(9)

(22,538)

(22,538)

Net interest

0

0

0

0

Equity financing

31,364

33,061

36,070

0

Dividends

0

0

0

0

Other

(68)

(36)

(30)

0

Net Cash Flow

25,052

(1,809)

(28,614)

(54,713)

Opening net debt/(cash)

 

 

0

(25,052)

(22,544)

4,898

FX

0

0

887

0

Other non-cash movements

0

(699)

284

0

Closing net debt/(cash)

 

 

(25,052)

(22,544)

4,898

59,611

Source: ASLAN reports, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ASLAN Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ASLAN Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Research: Healthcare

Kazia Therapeutics — GDC-0084 and Cantrixil trials progressing

Kazia Therapeutics has commenced the Phase II program for GDC-0084 in glioblastoma (GDC-0084 was in-licensed from Genentech in 2016). Initial data from the Phase IIa dose optimization component are expected in H119, with a subsequent Phase IIb study expected to read out in 2021. The Phase I study of Cantrixil in ovarian cancer is in the final stages of determining the maximum tolerated dose (MTD). Our valuation range is unchanged at $56m to $101m ($11.10–20.16 per share).

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