Kitov Pharma (NASDAQ/TASE: KTOV) announced the granting of a new patent in the EU for its lead monoclonal antibody, CM24, which targets the CEACAM1 molecule implicated in cancer. This patent enhances Kitov's intellectual property portfolio, complementing an earlier U.S. patent. The company is poised to initiate a Phase 1/2 clinical trial of CM24 combined with nivolumab (Opdivo) for non-small cell lung cancer and pancreatic cancer later in 2020, under a collaboration with Bristol-Myers Squibb.
Kitov Pharma (KTOV) reported significant advancements in its oncology pipeline and strong financial health with over $60 million in cash following a recent $35 million financing. The company aims to initiate two clinical trials this year for its drug candidates CM24 and NT219, targeting advanced cancers. CONSENSI®, recently launched, is anticipated to generate royalty revenue, enhancing overall financial performance. Kitov's strategy emphasizes innovation, collaboration, and agility to position it as a leader in oncology, with plans to expand its development programs and identify additional drug candidates.
Kitov Pharma has successfully closed a registered direct offering of 38,888,892 ordinary shares (ADSs) and warrants, raising approximately $35 million at $0.90 per ADS. The warrants allow for the purchase of up to 19,444,446 additional ADSs at the same price, expiring in five years. The funds will be directed towards the development of oncology drug candidates, acquisition of new assets, and general working capital. The offering was facilitated by H.C. Wainwright & Co., with securities issued under a previously filed effective registration statement.