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In Pre-Market Session Today, Why Is The KZIA Stock Gaining Momentum?

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PRGS Stock

Today, Kazia Therapeutics Limited (NASDAQ: KZIA) is moving higher on the charts in premarket trades. The KZIA stock is up more than 11.69% to trade at $12.42 as of the last check. Kazia Therapeutics stock closed the weekend session at $11.12 down -1.33%.

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During the past three months, the volume of KZIA shares traded was 153.95K, which was higher than the 0.13 million shares traded in the last session. The price of Kazia stock has been rising following news of a commercialization agreement for its lead product in greater China.

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What does the agreement cover?

Kazia Therapeutics Limited is an Australian-headquartered company that develops cancer treatments. Our leading program is paxalisib, a PI3K/Akt/mTOR inhibitor intended to treat glioblastoma, the most malignant primary brain cancer in adults. The clinical trial for paxalisib, a major advancement in the treatment of glioblastoma, began recruiting patients in January 2021.

Kazia Therapeutics today announced a licensing agreement with Simcere Pharmaceutical Group Ltd involving the development and commercialization of Kazia’s investigational new drug, paxalisib, in Greater China.

What will KZIA achieve?

The deal entails Kazia Therapeutics (KZIA) receiving an upfront payment of US$ 11 million (AU$ 14.2 million), comprising US$ 7 million in cash and US$ 4 million equity capital at a premium of 20% to recent trading. Further milestones in the US$ 281 million (AU$ 362) range will be paid for indications beyond glioblastoma. A mid-teen royalty will be paid to KZIA on commercial sales by Simcere as well. Paxalisib will be developed further using transaction proceeds.

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