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Kazia Therapeutics extends SPP owing to strong demand

The company has received a large volume of acceptances in the last two days and wishes to ensure that shareholders have sufficient time to apply.

Kazia Therapeutics Ltd - Kazia Therapeutics extends SPP to raise up to $7.2 million
Kazia Therapeutics is an oncology-focused biotechnology company based in Sydney

Kazia Therapeutics Ltd (ASX:KZA) has extended its share purchase plan (SPP) which was due to close at 5pm on Friday, May 1, to Tuesday, May 5.

The company has received a large volume of acceptances in the last two days and wishes to ensure that shareholders have sufficient time to apply.

Kazia is aware that Australia Post is experiencing significant delays and the additional two days will provide an opportunity for cheques currently in the mail to be banked and processed.

Placement raises $A 7.2 million

The SPP will supplement the recent placement of new fully-paid ordinary shares, primarily to sector-specialist institutional investors in Australia and internationally, at a price of A40 cents per share which raised approximately A$7.2 million.

Any shareholders intending to apply for the SPP are encouraged to do so through BPay.

The company considers it important that all eligible shareholders have access to the same opportunity as the recent institutional investors and will, therefore, take the necessary steps to ensure that all applications are accepted in full.

It is anticipated that the SPP shares will be issued on Monday, May 11, 2020.

Cantrixil phase-1 study

Kazia has received further positive data from its Phase I study of Cantrixil (TRX-E-001-2) in ovarian cancer.

In total, 20 out of 24 patients were evaluable for efficacy, with 15 patients at Stage IV (the most advanced stage of ovarian cancer), and the remainder were Stage III.

Preliminary analysis shows one complete response (no measurable disease after treatment) and two partial responses (tumour shrunk is size by at least 30%).

This means an overall response rate of 15% (three out of 20 patients) which compares favourably to a figure of 10% for historical controls.

Quick facts: Kazia Therapeutics Ltd

Price: 0.92 AUD

ASX:KZA
Market: ASX
Market Cap: $66.39 m
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