On February 28, 2023 Kazia Therapeutics Limited (NASDAQ: KZIA; ASX: KZA), an oncology-focused drug development company, reported to advise the successful conclusion of its recent equity financing round (Press release, Kazia Therapeutics, FEB 28, 2023, View Source [SID1234627924]).

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Key Points

AU$ 4.5 million raised from existing sophisticated and institutional investors, as announced to ASX on 16 January 2023

AU$ 2.606 million raised from existing shareholders via Share Purchase Plan (SPP), which closed on 24 February 2023

Total gross proceeds of AU$ 7,106,000 will be applied (after application of expenses) to Kazia’s R&D pipeline, which comprises two assets in nine clinical trials

Multiple inflection points expected in CY2023, with potential to substantially revalue both paxalisib and EVT801 development candidates

Cash inflows provide runway to 4Q CY2023, on current cashflow forecast.

"We are grateful for the emphatic support of our shareholders," commented Iain Ross, Chairman of the Board at Kazia Therapeutics. "The proceeds of this financing will help the company to deliver a number of key read-outs during CY2023, which we expect to materially advance the development of our two assets, and in particular to position paxalisib for its further development and ultimate commercialization."

Shares subscribed for under the institutional placement have been issued, as per the company’s announcement of 28 February 2023. Shares subscribed for under the SPP will be issued on 3 March, as previously announced to ASX.