logo-loader

Kodiak Sciences pushes ahead with trials for diabetic eye disease drug as it unveils 3Q results

Published: 00:09 17 Nov 2018 AEDT

eye
Kodiak Sciences is a clinical-stage bio-pharmaceutical company specializing in therapeutics to treat chronic retinal diseases

The newly-public Kodiak Sciences Inc (NASDAQ:KOD) announced clinical advances in its research into KSI-301, its therapy for patients with eye disease caused by diabetes, as it unveiled its third-quarter results.

The Palo Alto, California-based company dosed all of the patients taking part in its Phase 1 trial which is evaluating KSI-301’s effects on patients with diabetic macular edema. Early results suggest KSI-301 was well-tolerated with no drug-related adverse events and no intraocular (fluid pressure inside the eye) inflammation observed in any patient. Phase 1b and Phase 2 studies for KSI-301 are expected in the coming months.

Sufficient funds ​

“The successful first dosing of patients with KSI-301, our novel antibody biopolymer conjugate, was a highlight of the quarter,” said CEO Victor Perlroth in a statement.

Last month, Kodiak completed its initial public offering of 9 million shares of stock at a price of $10 per share. And earlier this month, Kodiak sold and issued an additional 400,000 shares of stocks at $10 per share to the IPO’s underwriters to cover over-allotments.

Kodiak, which is pre-profit, ended the third quarter with $11.6 million of cash and cash equivalents. The company expects that this cash, combined with the $94 million of gross proceeds from the company’s IPO, will be enough to fund its projected operations for at least the next 12 months.

The company’s net loss for the third quarter widened to $10.5 million, or $1.33 per share, compared with a net loss of $4.6 million, or $0.61 per share, for the corresponding period last year.

Its research and development expenses climbed to $4.7 million in its latest quarter, up from $3.1 million in the third quarter of 2017.  Its general and administrative expenses also jumped to $1.7 million, up from $0.8 million in the year-ago quarter.

Kodiak Sciences is a clinical-stage bio-pharmaceutical company specializing in therapeutics to treat chronic retinal diseases. In addition to KSI-301, which is aimed at diabetic macular edema and macular degeneration, its other drug candidates include KSI 501, which treats neovascular retinal diseases such as diabetic retinopathy, which occurs when high blood sugar levels cause damage to blood vessels in the retina.

Kodiak Sciences closed up slightly to hit $8.70 by the bell on Thursday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

7 hours, 55 minutes ago