Kazia Therapeutics Announces $2.0 Million Registered Direct Offering

Core Viewpoint - Kazia Therapeutics Limited has announced a definitive agreement for the purchase and sale of up to 1,333,333 American Depositary Shares (ADSs) at a price of $1.50 per ADS, aiming to raise approximately $2.0 million in gross proceeds for general corporate purposes [1][3]. Group 1: Offering Details - The offering includes a registered direct offering and a concurrent private placement of unregistered warrants to purchase an equal number of ADSs [1][2]. - The warrants will have an exercise price of $1.50 per ADS, will be immediately exercisable, and will expire five and a half years from issuance [1]. - The closing of the offering is expected around January 13, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for general corporate purposes, which may encompass working capital, research expenses, clinical development, and administrative costs [3]. Group 3: Company Overview - Kazia Therapeutics is an oncology-focused drug development company based in Sydney, Australia, with its lead program being paxalisib, aimed at treating various forms of brain cancer [7]. - Paxalisib has undergone ten clinical trials, with a pivotal study in glioblastoma expected to present data in late 2024 [7]. - The company is also developing EVT801, a small-molecule inhibitor of VEGFR3, which has shown promise in preclinical studies [8].