Kitov Pharma Issues CEO Shareholder Letter Providing Business Update
|• Emerging oncology pipeline continues to advance|
|• Strong balance sheet with over $60M in cash|
TEL AVIV, July 02, 2020 (GLOBE NEWSWIRE) -- Kitov Pharma Ltd. (“Kitov”) (NASDAQ/TASE: KTOV), a clinical-stage company advancing first-in-class therapies to overcome tumor immune evasion and drug
resistance, is pleased to provide the following letter to shareholders from its Chief Executive Officer, Isaac Israel.
Following our recently closed $35 million financing, we believe we have successfully completed our evolution to an oncology focused biotechnology company, and wanted to provide our shareholders and other stakeholders with an update on our business and strategic plans. As of the end of June 2020, we had over $60 million in cash, which we believe positions us well to conduct the two clinical studies we intend to initiate this year, and provides us with the resources to expand these development programs, as appropriate, as well as potentially acquire additional promising drug candidates that we may identify to further expand our pipeline.
Moreover, we continue to support our distribution partners for CONSENSI indicated for the simultaneous treatment of hypertension and osteoarthritis pain in the U.S. and the Far East. Importantly, following the recent launch of CONSENSI in the U.S., this drug is expected to begin generating royalty revenue for Kitov this year. With this launch underway, our strategic focus has shifted to the development of innovative therapeutics to treat cancer patients with significant unmet medical needs.
We are focused on building a pipeline of first-in-class oncology assets based on our three core values of Innovation - we have assembled a team of world-class oncology drug developers, Collaboration - we strive to establish beneficial relationships with our partners to best progress our mission, and Agility - we are focused on advancing our pipeline as expeditiously as possible. Our emerging oncology pipeline currently consists of CM24, a monoclonal antibody targeting CEACAM1, a novel immune checkpoint that supports tumor immune evasion and survival through multiple pathways, in patients with advanced cancer, and NT219, a dual inhibitor, novel small molecule targeting IRS1/2 and STAT3, important oncogenic drivers and major drug resistance pathways in many hard-to-treat cancers.