SYDNEY, Jan. 14,
2025 /PRNewswire/ -- Kazia Therapeutics Limited
(NASDAQ: KZIA) ("Kazia" or the "Company"), an oncology-focused drug
development company, today announced that it has closed its
previously announced registered direct offering with existing
fundamental healthcare investor, Alumni Capital LP, 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)
and concurrent private placement of 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.
Maxim Group LLC acted as the exclusive placement agent for the
registered direct offering and concurrent private placement.
The gross proceeds to the Company from the offering are
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) were offered and sold by the Company in a
registered direct offering pursuant to a "shelf" registration
statement on Form F-3 (File No. 333-281937) 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 were
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 has been filed with the SEC and is 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 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 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 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 2/3 study in glioblastoma (GBM-Agile)
was reported in 2024 and discussions are ongoing for designing and
executing a pivotal registrational study in pursuit of a standard
approval. 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 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
