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Kazia Therapeutics CEO demonstrates confidence in the company with on-market purchase

The proceeds will be applied directly to progressing and enriching the company’s research and development programs.

Kazia Therapeutics Ltd - Kazia Therapeutics CEO demonstrates confidence in the company with purchase of 125,00 shares
Paxalisib is expected to transition to a pivotal study in the second half of this year

Kazia Therapeutics Ltd (ASX:KZA) chief executive officer Iain Ross has demonstrated his confidence in the company with the purchase of 125,000 shares in an on-market transaction.

Ross acquired shares at 41.06 cents per share on May 25, increasing the total number of shares held after the change to 800,001 shares.

This follows a move on May 11 by four directors increasing their stake by purchasing $30,000 worth of shares at 40 cents per share.

The share purchase plan followed a placement in April to sector-specialist Australian and international institutional investors at a price of 40 cents per share to raise around $7.2 million.

Proceeds to “enrich” R&D programs

Chairman Iain Ross recently said: “Following our successful institutional placement in early April, the board considered it imperative that existing shareholders have the opportunity to augment their holdings in the company at the same price as the institutional investors.

“We are delighted to have received a very high level of engagement with this SPP.

“As on previous occasions, the proceeds will be applied directly to progressing and enriching the company’s R&D programs.

“We expect paxalisib to transition to a pivotal study in the second half of this year, so it is a particularly critical time for the company.

“We are, as always, grateful for the strong and enthusiastic support of our shareholders and look forward to sharing further progress as the year advances.”

Quick facts: Kazia Therapeutics Ltd

Price: 0.93 AUD

ASX:KZA
Market: ASX
Market Cap: $67.12 m
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