SAN
DIEGO, Oct. 16, 2024 /PRNewswire/ -- Kintara
Therapeutics, Inc. ("Kintara") (NASDAQ: KTRA), a biopharmaceutical
company focused on the development of new solid tumor cancer
therapies, today announced that its Board of Directors (the
"Board") has approved a reverse stock split of Kintara's common
stock at a ratio of 1-for-35. Kintara's common stock is expected to
begin trading on a post-reverse stock split basis on the Nasdaq
Capital Market on October 17, 2024,
under the new name TuHURA Biosciences, Inc. and under the new
symbol "HURA" following the anticipated closing of the merger (the
"Merger") with TuHURA Biosciences, Inc. ("TuHURA"), with a new
CUSIP number 898920 103.
The reverse stock split was approved by Kintara's stockholders
at Kintara's special meeting of stockholders held on October 4, 2024, to be effected in the Board's
discretion of not less than 1-for-20 and not more than 1-for-40.
The final reverse stock split ratio of 1-for-35 was approved by the
Board on October 4, 2024.
As a result of the reverse stock split, every thirty-five
pre-split shares of Kintara's common stock outstanding will become
one share of common stock. The reverse stock split is expected to
reduce the number of shares of Kintara's outstanding common stock
from approximately 55.6 million shares to approximately 1.6 million
shares. The par value of Kintara's common stock will remain
unchanged at $0.001 per share after
the reverse stock split. The reverse stock split will not change
the authorized number of shares of Kintara's common stock. The
reverse stock split will affect all stockholders uniformly and will
not alter any stockholder's percentage interest in Kintara's
equity, except to the extent that the reverse stock split results
in some stockholders owning a fractional share. No fractional
shares will be issued in connection with the reverse stock split.
Instead, in lieu of any fractional shares to which a stockholder of
record would otherwise be entitled as a result of the reverse stock
split, Kintara will issue to such stockholder such additional
fraction of a share as is necessary to increase such resulting
fractional share to a full share of common stock. The reverse stock
split will also apply to common stock issuable upon the exercise of
Kintara's outstanding warrants and stock options, with a
proportionate adjustment to the exercise prices thereof, and under
Kintara's equity incentive plans.
Following the closing of the Merger, the combined company's
total outstanding common stock is expected to be approximately 42.0
million shares.
Equinity Trust Company, LLC is acting as the exchange agent and
transfer agent for the reverse stock split. Stockholders holding
their shares in book-entry form or in brokerage accounts need not
take any action in connection with the reverse stock split.
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-functional antibody drug conjugates (ADCs),
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,
expectations regarding clinical trials and research and development
programs, in particular with respect to TuHURA's IFx-Hu2.0 product
candidate novel bifunctional ADCs, and any developments or results
in connection therewith; the anticipated timing of the results from
those studies and trials; expectations regarding the use of capital
resources, including the net proceeds from the financing that
closed in connection with the signing of the definitive agreement,
and the time period over which the combined company's capital
resources will be sufficient to fund its anticipated operations;
and the expected trading of the combined company's stock on the
Nasdaq Capital Market. 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