On August 25, 2020 Kintara Therapeutics, Inc. ("Kintara" or the "Company") (Nasdaq: KTRA) reported that it has closed its previously announced private placement with investors providing for the sale and issuance of 2,185 shares of its Series C Convertible Preferred Stock (the "Preferred Stock") at a purchase price of $1,000 per share priced at-the-market under the rules of the Nasdaq Stock Market (Press release, Kintara Therapeutics, AUG 25, 2020, View Source [SID1234564011]). The Preferred Stock is convertible into shares of the Company’s common stock at a conversion price of $1.214 per share. The closing resulted in gross proceeds to the Company of approximately $2.2 million, which is in addition to the $19.6 million of gross proceeds previously announced in connection with the initial closing of the private placement. The Preferred Stock accrues dividends as previously announced.
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The Company intends to use the net proceeds from the offering to fund the previously announced registration study for VAL-083 in newly diagnosed and recurrent GBM, the 15-patient REM-001 confirmatory lead-in study intended to continue seamlessly into a full Phase 3 pivotal study for CMBC, and for working capital. Also, as previously disclosed, the GBM trial will be executed through the Company’s partnership with Global Coalition for Adaptive Research (GCAR) through the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) Study, an adaptive clinical trial platform in GBM.
The shares of Preferred Stock described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and, along with the common shares issuable upon their exercise or payable as dividends pursuant to the Preferred Stock, have not been registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.