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Kazia Therapeutics completes $16.4 million institutional entitlement offer to fund Paxalisib registration trial

The funding will position Kazia as a late-stage global oncology company with a highly-compelling asset and a well-funded path to market.

Kazia Therapeutics Ltd - Kazia Therapeutics completes fully underwritten institutional entitlement offer to fund Paxalisib registration trial
The entitlement offer is fully underwritten by Bell Potter Securities Limited

Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) has completed the institutional component of its accelerated 1 for 3 non-renounceable entitlement offer of new fully paid ordinary shares at A$0.80 per new share to raise A$16.4 million.

The institutional entitlement offer attracted strong support from institutional shareholders with all eligible accelerated holders participating, and an overall take-up by those parties of approximately 70%.

Kazia chairman Iain Ross said: “We are delighted to have had a very substantial interest from new and existing institutional holders.”

The entitlement offer, which includes a retail component, aims to raise up to $25 million and is fully underwritten by Bell Potter Securities Limited.

GBM AGILE study

Proceeds will be used to fund Kazia’s participation in the GBM AGILE pivotal study in glioblastoma and the company expects to sign a definitive agreement regarding GBM AGILE shortly after completion of the institutional component.

Commencement of GBM AGILE will place paxalisib on a direct path to commercialisation, making Kazia a late-stage clinical company.

Ross said: “Kazia has made enormous progress as a company, and this financing round promises to be transformative, as we move into late-stage clinical trials.

“We are thankful for the emphatic support of our shareholders and look forward to reporting new data in coming months.”

Indicative timetable

Settlement of the institutional component of the entitlement offer is expected to occur on Friday, October 9, 2020, with those new shares expected to be allotted and commence normal trading on Monday, October 12, 2020.

The ASX trading halt that was implemented on Wednesday, September 30, 2020, in respect of Kazia's shares has been lifted.

The key dates for the entitlement offer.

Retail entitlement offer

The retail component of the entitlement offer will open on Thursday, October 8, 2020, and is expected to close at 5.00 pm (Sydney time) on Tuesday, October 20, 2020.

Under the retail entitlement offer, eligible retail shareholders will be able to subscribe for one new share for every three shares held on the record date (Monday, October 5, 2020), at the same price as the institutional entitlement offer.

Eligible retail shareholders will be allotted their entitlements under the retail entitlement offer which can be taken up in whole or in part.

New shares issued under the retail entitlement offer will rank equally with existing ordinary shares from the date of issue.

Quick facts: Kazia Therapeutics Ltd

Price: 0.805 AUD

ASX:KZA
Market: ASX
Market Cap: $92.7 m
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