Hot Healthcare stock to watch: Kodiak Sciences Inc (NASDAQ: KOD)

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Kodiak Sciences Inc (NASDAQ: KOD) stock rose over 6.4% on 17th March, 2020 (as of 11:27 am GMT-4; Source: Google finance)  after the company in the fourth quarter of FY 19 has reported net loss of $15.6 million, or $0.40 per share on both a basic and diluted basis, as compared to a net loss of $14.7 million, or $0.40 per share on both a basic and diluted basis, for the fourth quarter of 2018. KOD has ended 2019 with $348.2 million of cash, cash equivalents and marketable securities. The Company projects that its existing cash, cash equivalents and marketable securities will be sufficient to fund the projected operations for at least the next twelve months. Further, the company incurred research and development (R&D) expenses of $12.8 million during the fourth quarter of 2019, as compared to $6.9 million for the fourth quarter of 2018.

Moreover, in 2019 and into the first quarter of 2020, the company had initiated the enrollment and on-going recruitment in the pivotal DAZZLE clinical trial of KSI-301 in patients with treatment naïve wet AMD. As of March 6, 2020, more than 175 patients have been enrolled by the company in the study randomized 1:1 between KSI-301 and Eylea. The company has completed the recruitment into the ongoing Phase 1b study of KSI-301 in 121 treatment-naïve patients with wet AMD, DME and RVO. The company has completed the Type B (End of Phase 2 or EOP) meeting with FDA. The company had announcement the accelerated registration strategy for KSI-301 which includes: (i) running the pivotal clinical studies in the major retinal vascular disease indications in parallel (rather than in series), and (ii) initiating BLA and pre-commercial manufacturing validation and scale-up activities.

On the other hand, The company had expanded the Board of Directors with the appointment of Taiyin Yang, Ph.D., Executive Vice President, Pharmaceutical Development and Manufacturing of Gilead, who brings expertise and experience in the relevant pre-commercial areas of clinical and commercial manufacturing, quality and supply chain operations.

Additionally, the company had entered into a royalty funding agreement in which the company sold a capped, pre-payable 4.5% royalty on future net sales of KSI-301 in exchange for $225.0 million in committed development funding payable to the company, of which $100.0 million was paid to the company in February 2020, with the remaining $125.0 million to be paid to the company after the achievement of certain clinical trial enrollment milestones and the company closed a $317.4 million follow-on offering of the common stock.

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