Kazia Therapeutics Limited (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9M) has successfully completed the A$8.8 million retail component of its A$25.2 million entitlement offer of shares at 80 cents per new share.
Earlier this month, Kazia had raised A$16.4 million via the institutional component of the one-for-three entitlement offer.
Kazia will use the proceeds to fund its participation in GBM AGILE (Glioblastoma Adaptive Global Innovative Learning Environment), the pivotal study for registration of paxalisib in glioblastoma.
The company’s investigational new drug paxalisib is being developed to treat glioblastoma (GBM), an aggressive brain cancer, and other types of cancers.
“Final stage of the drug development process”
Kazia chairman Iain Ross said “As always, we are grateful for the support of our shareholders as the company moves forward.
“This next chapter in the company’s development should be an exciting and rewarding period, and we have been pleased to have been able to provide this opportunity for shareholders to strengthen their positions.
“We now move into the pivotal study for paxalisib in glioblastoma, placing us in the final stage of the drug development process and on a direct path to commercialization.”