SYDNEY, Dec. 5, 2023
/PRNewswire/ -- Kazia Therapeutics Limited (NASDAQ: KZIA) ("Kazia"
or the "Company"), an oncology-focused drug development company,
today announced the closing of its previously announced purchase
and sale of up to an aggregate of 4,444,445 of the Company's
American Depositary Shares ("ADSs") (or ADS equivalents in lieu
thereof), each ADS representing ten (10) ordinary shares of the
Company, at a purchase price of $0.45
per ADS (or ADS equivalent in lieu thereof), in a registered direct
offering. The Company also issued in a concurrent private placement
unregistered warrants to purchase up to an aggregate of 4,444,445
ADSs. The warrants have an exercise price of $0.583 per ADS, are immediately exercisable upon
issuance, and will expire five and one-half years from the date of
issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to the Company from the offering were
approximately $2 million, before
deducting the placement agent's fees and other offering expenses
payable by the Company. The Company intends to use the net proceeds
from this offering as working capital for general corporate
purposes.
The securities described above (excluding the warrants and ADSs
underlying the warrants) were offered and sold by the Company in a
registered direct offering pursuant to a "shelf" registration
statement on Form F-3 (File No. 333-259224) that was originally
filed with the Securities and Exchange Commission (the "SEC") on
September 1, 2021, and declared
effective on September 8, 2021. The
offering of such securities in the registered direct offering was
made only by means of a prospectus supplement that forms a part of
the effective registration statement. A final prospectus supplement
and the accompanying base prospectus relating to the registered
direct offering were filed with the SEC and are available on the
SEC's website at www.sec.gov. Electronic copies of the final
prospectus supplement and the accompanying base prospectus may also
be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue,
3rd Floor, New York, NY 10022, by
phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The unregistered warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the ADSs representing ordinary shares
underlying such warrants, have not been registered under the Act,
or applicable state securities laws. Accordingly, the warrants and
the underlying ADSs may not be reoffered or resold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Kazia
Kazia Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused
drug development company, based in Sydney, Australia.
Our lead program is paxalisib, a brain-penetrant inhibitor of
the PI3K / Akt / mTOR pathway, which is being developed to treat
multiple forms of brain cancer. Licensed from Genentech in late
2016, paxalisib is or has been the subject of ten clinical trials
in this disease. A completed Phase II study in glioblastoma
reported promising signals of clinical activity in 2021, and a
pivotal study, GBM AGILE, is ongoing, with final data expected in
CY2023. Other clinical trials are ongoing in brain metastases,
DMGs, and primary CNS lymphoma, with several of these having
reported encouraging interim data.
Paxalisib was granted Orphan Drug Designation for glioblastoma
by the US Food and Drug Administration (US FDA) in February 2018, and Fast Track Designation for
glioblastoma by the US FDA in August
2020. In addition, paxalisib was granted Rare Pediatric
Disease Designation and Orphan Designation by the US FDA for DIPG
in August 2020, and for atypical
teratoid / rhabdoid tumors in June
2022 and July 2022,
respectively.
Kazia is also developing EVT801, a small-molecule inhibitor of
VEGFR3, which was licensed from Evotec SE in April 2021. Preclinical data has shown EVT801 to
be active against a broad range of tumor types and has provided
evidence of synergy with immuno-oncology agents. A Phase I study in
advanced solid tumors commenced recruitment in November 2021.
For more information, please visit www.kaziatherapeutics.com or
follow us on Twitter @KaziaTx.
Forward-Looking Statements
This press release may contain forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, which can generally be identified as such by
the use of words such as "may," "will," "estimate," "future,"
"forward," "anticipate," or other similar words. Any statement
describing Kazia's future plans, strategies, intentions,
expectations, objectives, goals or prospects, and other statements
that are not historical facts, are also forward-looking statements,
including, but not limited to, statements regarding: the intended
use of proceeds from the offering and the Company's future
expectations, plans and prospects. Such statements are based on
Kazia's current expectations and projections about future events
and future trends affecting its business and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking
statements, including risks and uncertainties: related to market
and other conditions, associated with clinical and preclinical
trials and product development, including the risk that preliminary
or interim data may not reflect final results, related to
regulatory approvals, and related to the impact of global economic
conditions. These and other risks and uncertainties are described
more fully in Kazia's Annual Report, filed on form 20-F with the
SEC, and in subsequent filings with the SEC. Kazia undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except as required under applicable law. Investors
should not place undue reliance on these forward-looking
statements, which apply only as of the date of this press
release.
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SOURCE Kazia Therapeutics Limited