Kitov Pharma Ltd (NASDAQ:KTOV) CEO, Isaac Israel, offered a business update to shareholders on the company’s current pipeline and CONSENSI.
Kitov Pharma has $60 million in cash to fund clinical studies
The company recently closed a $35 million financing, and the CEO believes that it has successfully transformed into an oncology biotech firm. At the end of June 2020, the company had more than $60 million in cash, putting it in a better position to initiate two planned clinical studies this year. Equally, the cash provided Kitov with the resources necessary to expand its development programs and acquire potential drug candidates.
Israel stated that they continue to support their CONSENSI® distribution partners to treat osteoarthritis pain and hypertension in the Far East and the US. CONSENSI® launched recently in the US, and the Kitov expects the drug to start generating royalty revenue this year. Burke Therapeutics, the commercial partner of Kitov’s US distributor, Coeptis Pharmaceuticals, is selling CONSENSI® in the US. Kitov expects up to $99.5 million in reimbursement and milestone payments on top of royalties for CONSENSI® sales.
Kitov focusing on the development of cancer treatments
Kitov focuses on developing a first in class oncology pipeline based on Innovation, Collaboration, and Agility. Through the company’s leading oncology drug developers, the company seeks beneficial partnerships to expedite the development of the cancer therapeutics as fast as possible. Currently, the company’s emerging oncology pipeline comprises CM24, a monoclonal antibody that targets CEACAM1 and NT219, a small molecule dual inhibitor targeting STAT3 and IRS1/2.
Besides a strong balance sheet without any debt, Kitov can boost growth through strategic acquisitions and in-licensing activity in some of the oncology focus areas. The CEO asserted that the company strives to identify potential drug candidates that can create exciting treatment paradigms benefiting cancer patients.
Recently the company presented encouraging Phase 1 CM24 trial results at the ASCO 2020 Virtual summit. On May 22, 2020, the FDA approved Kitov’s IND application for phase 1/2 NT219 clinical study in the treatment of solid tumors.