SYDNEY, Jan. 10,
2025 /PRNewswire/ -- Kazia Therapeutics Limited
(NASDAQ: KZIA) ("Kazia" or the "Company"), an oncology-focused drug
development company, today announced that it has entered into a
definitive agreement for the purchase and sale of up to an
aggregate of 1,333,333 of the Company's American Depositary Shares
("ADSs") (or ADS equivalents in lieu thereof), each ADS
representing 100 ordinary shares of the Company, at a purchase
price of $1.50 per ADS (or ADS
equivalent in lieu thereof), in a registered direct offering. The
Company has also agreed to issue, in a concurrent private
placement, unregistered warrants to purchase up to an aggregate of
1,333,333 ADSs. The warrants will have an exercise price of
$1.50 per ADS, will be immediately
exercisable upon issuance, and will expire five and one-half years
from the date of issuance. The closing of the offering is expected
to occur on or about January 13,
2025, subject to the satisfaction of customary closing
conditions.
Maxim Group LLC is acting as the exclusive placement agent for
the registered direct offering and concurrent private
placement.
The gross proceeds to the Company from the offering are expected
to be approximately $2.0 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 for general corporate purposes, which
may include working capital, expenses related to research, clinical
development and commercial efforts, and general and administrative
expenses.
The securities described above (excluding the warrants and ADSs
underlying the warrants) are being offered and sold by the Company
in a registered direct offering pursuant to a "shelf" registration
statement on Form F-3 (File No. 333-281937) that was originally
filed with the Securities and Exchange Commission (the "SEC") on
September 5, 2024, and declared
effective on September 12, 2024. The
offering of such securities in the registered direct offering is
being 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 will be filed with the SEC and will be
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, when available, from Maxim Group
LLC at 300 Park Avenue, New York,
NY 10022, by phone at (212) 895-3500 or e-mail at
syndicate@maximgrp.com.
The unregistered warrants described above are being 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 Therapeutics Limited
Kazia Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused
drug development company, based in Sydney, Australia. Our lead program
is paxalisib, an investigational 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 2 study in glioblastoma reported
early signals of clinical activity in 2021, and a pivotal study in
glioblastoma, GBM AGILE, has been completed with presentation of
paxalisib arm data expected later in 2024 at a major medical
conference. Other clinical trials involving paxalisib are ongoing
in brain metastases, diffuse midline gliomas, and primary CNS
lymphoma, with several of these trials having reported encouraging
interim data. Paxalisib was granted Orphan Drug Designation for
glioblastoma by the FDA in February
2018, and Fast Track Designation (FTD) for glioblastoma by
the FDA in August 2020. Paxalisib was
also granted FTD in July 2023 for the
treatment of solid tumour brain metastases harboring PI3K pathway
mutations in combination with radiation therapy. In addition,
paxalisib was granted Rare Pediatric Disease Designation and Orphan
Drug Designation by the FDA for diffuse intrinsic pontine glioma in
August 2020, and for atypical
teratoid / rhabdoid tumours 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 tumour types and
has provided evidence of synergy with immuno-oncology agents. A
Phase I study has been completed and preliminary data was presented
at 15th Biennial Ovarian Cancer Research Symposium in September 2024. For more information, please
visit www.kaziatherapeutics.com or follow us on X
@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 completion
of the offering, the satisfaction of customary closing conditions
related thereto, 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.
This announcement was authorized for release by Dr John Friend, CEO.
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SOURCE Kazia Therapeutics Limited
