Kitov Pharma Ltd (NASDAQ:KTOV) transformed into a biotechnology company focused on oncology by acquiring CM24. CEO of Kitov, Isaac Israel, said H1 2020 is a transformative phase of the company to achieve several clinical, corporate, and commercial milestones. The company also maintains a cash balance of $60 million by the end of June 30, 2020.
Isaac said the company will achieve several key catalysts soon. The company also presented Phase 1 clinical study results at ASCO (American Society of Clinical Oncology) 2020 VSP (Virtual Scientific Program) for CM24. However, it needs to conduct a further study on a large scale at higher doses.
Plans to initiate Phase 1/ 2 clinical study
Kitov will commence Phase 1/ 2 clinical trial for investigating a combination of OPDIVO with CM24 in H2 2020 in collaboration with BMS (Bristol Myers Squib Company).
Kitov received acceptance for IND application from the US FDA to carry out Phase 1/ 2 clinical studies to investigate NT219 for the treatment of advanced solid tumors. The company will also evaluate NT219 in combination with cetuximab to cure neck and head cancer and solid metastatic tumors.
Unveils Consensi in the US
Kitov introduced Consensi in the US through its distributor – Burke Therapeutics, in May 2020 to treat osteoarthritis pain and hypertension. It expects to receive royalty payments of up to $36 million from 2020 to 2022. As per the terms of the pact with Coeptis, Kitov is eligible to get $99.5 million in reimbursement and milestone payments for Consensi. The sales team of Burke will include 15 sales professionals.
Kitov’s cash balance of $63 million will support the clinical trials through 2024. The company will advance NT219 and CM24 and promote growth through acquisitions in its core oncology.
Receipt of notification from EPO for CEACAM1
Kitov received notification from EPO (European Patent Office) for its patent application – humanized antibodies to act against CEACAM1. The patent protects DNA sequences and protein related to humanized antibodies, binding to the CEACAM1 molecules in humans.
Kitov posted revenues of $1 million in H1 2020. It’s spending on R&D activities rose by 85.6% to $3.1 million in H1 2020. The company’s SG&A expenses declined to $2.2 million during this period.