Kazia Therapeutics' (KZIA) shares jumped 55% in recent Thursday trading after the company announced the regulatory approval and launch of a clinical trial evaluating the combination of its investigational drug paxalisib and immunotherapy in patients with advanced breast cancer.

The multi-center, open-label phase 1b study will assess the safety and efficacy of paxalisib combined with Merck's (MRK) Keytruda or Lynparza in women with triple-negative breast cancer, Sydney-based Kazia said Thursday in a statement.

The study will enroll 24 patients from cancer centers in Queensland with treatment lasting up to 12 months, the company said.

The trial also will evaluate a non-invasive liquid biopsy digital pathology platform, developed by scientists at the QIMR Berghofer Medical Research Institute, to monitor treatment progress in real time, through blood sample analysis, the company said.

Merck shares rose 0.5% in recent Thursday trading.

Price: 2.14, Change: +0.76, Percent Change: +54.79