SAN
DIEGO, Oct. 15, 2024 /PRNewswire/ -- Kintara
Therapeutics, Inc. ("Kintara") (NASDAQ: KTRA), a biopharmaceutical
company focused on the development of new solid tumor cancer
therapies, today announced a correction to the press release
previously issued by Kintara on October 14,
2024, regarding a record date for the issuance of the
Contingent Value Rights ("CVRs") to stockholders of Kintara
pursuant to the definitive merger agreement (the "Merger
Agreement") with TuHURA Biosciences, Inc. ("TuHURA"). Kintara
announced today that the CVRs will not be issued to stockholders of
record of Kintara based on a record date of October 17, 2024, but rather will be issued
stockholders of record of Kintara immediately prior to the planned
reverse stock split that will be consummated immediately prior to
the proposed Merger. Accordingly, the announcement of a record date
for the CVRs made by Kintara on October 14,
2024 is hereby retracted. Kintara does not anticipate that
this correction and retraction will affect the stockholders of
record who will receive the CVRs or the number of CVRs to be
received by them.
As previously announced, Kintara's stockholders approved a
reverse stock split of Kintara's common stock in a range of
1-for-20 to 1-for-40 at Kintara's special meeting of stockholders
held on October 4, 2024. Kintara
expects to effect a reverse stock split at a ratio of 1-for-35
immediately prior to the consummation of the proposed Merger.
Also as previously announced, the proposed Merger is expected to
close on October 18, 2024 (the
"Closing Date"), subject to regulatory approval and the
satisfaction of the remaining closing conditions under the Merger
Agreement.
In connection with the proposed Merger and pursuant to the
Contingent Value Rights Agreement (the "CVR Agreement") to be
entered into prior to the Closing Date, Kintara will issue a number
of CVRs to Kintara stockholders entitling the holders thereof to an
aggregate of 53,897,125 shares of Kintara's common stock, which
number is subject to adjustment as a result of Kintara's proposed
reverse stock split described above upon the achievement of certain
milestones as set forth in the CVR Agreement. Kintara stockholders
of record immediately prior to the reverse stock split will receive
one CVR per share of Kintara common stock (or in the case of
warrants to purchase shares of Kintara common stock, each share of
Kintara common stock for which such warrant to purchase shares of
Kintara stock is exercisable) each respectively owned. The CVRs
will be issued immediately prior to the proposed reverse stock
split and closing of the proposed Merger.
Equiniti Trust Company, LLC is acting as the rights agent for
CVRs. Stockholders holding their shares in book-entry form or in
brokerage accounts need not take any action in connection with the
issuance of CVRs. Beneficial holders are encouraged to contact
their bank, broker or custodian with any procedural questions.
About TuHURA Biosciences, Inc.
TuHURA Biosciences is a Phase 3 registration-stage
immuno-oncology company developing novel technologies to overcome
resistance to cancer immunotherapy. TuHURA's lead personalized
cancer vaccine candidate, IFx-2.0, is designed to overcome primary
resistance to checkpoint inhibitors. TuHURA is preparing to
initiate a single randomized placebo-controlled Phase 3
registration trial of IFx-2.0 administered as an adjunctive therapy
to Keytruda® (pembrolizumab) in first line
treatment for advanced Merkel Cell Carcinoma.
In addition, TuHURA is leveraging its Delta receptor technology
to develop novel bi-specific antibody drug or peptide drug
conjugates (ADCs and PDCs), targeting Myeloid Derived Suppressor
Cells to inhibit their immune suppressing effects on the tumor
microenvironment to prevent T cell exhaustion and acquired
resistance to checkpoint inhibitors and cellular therapies.
For more information, please visit tuhurabio.com and
connect with TuHURA on Facebook, X,
and LinkedIn.
About Kintara Therapeutics, Inc.
Located in San Diego,
California, Kintara is dedicated to the development of novel
cancer therapies for patients with unmet medical needs. Kintara is
developing therapeutics for clear unmet medical needs with reduced
risk development programs. Kintara's lead program is REM-001
Therapy for cutaneous metastatic breast cancer (CMBC).
Kintara has a proprietary, late-stage photodynamic therapy
platform that holds promise as a localized cutaneous, or visceral,
tumor treatment as well as in other potential indications. REM-001
Therapy, which consists of the laser light source, the light
delivery device, and the REM-001 drug product, has been previously
studied in four Phase 2/3 clinical trials in patients with CMBC who
had previously received chemotherapy and/or failed radiation
therapy. In CMBC, REM-001 has a clinical efficacy to date of 80%
complete responses of CMBC evaluable lesions and an existing robust
safety database of approximately 1,100 patients across multiple
indications.
Kintara Therapeutics, Inc. is headquartered in San Diego, California. For more information,
please visit www.kintara.com or follow us on X
at @Kintara_Thera, Facebook and LinkedIn.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements based
upon Kintara's and TuHURA's current expectations. This
communication contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by terminology such as
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "could," "should," "would," "project," "plan," "expect,"
"goal," "seek," "future," "likely" or the negative or plural of
these words or similar expressions. Examples of such
forward-looking statements include but are not limited to express
or implied statements regarding Kintara's or TuHURA's management
team's expectations, hopes, beliefs, intentions or strategies
regarding the future including, without limitation, statements
regarding the proposed Merger and the expected effects, perceived
benefits or opportunities and related timing with respect thereto.
These statements are only predictions. Kintara and TuHURA have
based these forward-looking statements largely on their
then-current expectations and projections about future events, as
well as the beliefs and assumptions of management. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond each of
Kintara's and TuHURA's control, and actual results could differ
materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited
to: (i) the risk that the conditions to the closing or consummation
of the proposed Merger are not satisfied; (ii) uncertainties as to
the timing of the consummation of the proposed Merger and the
ability of each of Kintara and TuHURA to consummate the
transactions contemplated by the proposed Merger; (iii) risks
related to Kintara's and TuHURA's ability to correctly estimate
their respective operating expenses and expenses associated with
the proposed Merger, as applicable, as well as uncertainties
regarding the impact any delay in the closing would have on the
anticipated cash resources of the resulting combined company upon
closing and other events and unanticipated spending and costs that
could reduce the combined company's cash resources; (iv) the
occurrence of any event, change or other circumstance or condition
that could give rise to the termination of the proposed Merger by
either Kintara or TuHURA; (v) the effect of the announcement or
pendency of the proposed Merger on Kintara's or TuHURA's business
relationships, operating results and business generally; (vi) costs
related to the proposed Merger; (vii) the outcome of any legal
proceedings that may be instituted against Kintara, TuHURA, or any
of their respective directors or officers related to the Merger
Agreement or the transactions contemplated thereby; (vii) the
ability of Kintara or TuHURA to protect their respective
intellectual property rights; (viii) competitive responses to the
proposed Merger; (ix) unexpected costs, charges or expenses
resulting from the proposed Merger; (x) whether the combined
business of TuHURA and Kintara will be successful; (xi)
legislative, regulatory, political and economic developments; and
(xii) additional risks described in the "Risk Factors" section of
Kintara's Annual Report on Form 10-K for the fiscal year ended
June 30, 2024, and the Registration
Statement on Form S-4 related to the proposed Merger filed with the
SEC. Additional assumptions, risks and uncertainties are described
in detail in Kintara's registration statements, reports and other
filings with the SEC, which are available on Kintara's website, and
at www.sec.gov. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. Neither
Kintara nor TuHURA can assure you that the events and circumstances
reflected in the forward-looking statements will be achieved or
occur, and actual results could differ materially from those
projected in the forward-looking statements. The forward-looking
statements made in this communication relate only to events as of
the date on which the statements are made. Except as required by
applicable law or regulation, Kintara and TuHURA undertake no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events.
Investors should not assume that any lack of update to a previously
issued "forward-looking statement" constitutes a reaffirmation of
that statement.
INVESTOR INQUIRIES:
Robert E.
Hoffman
Kintara Therapeutics
rhoffman@kintara.com
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SOURCE Kintara Therapeutics