Kazia Therapeutics to sell 1.33M ADS at $1.50 in registered direct offering

Kazia Therapeutics (KZIA) announced that it has entered into a definitive agreement for the purchase and sale of up to an aggregate of 1,333,333 of the company’s American Depositary Shares, each ADS representing 100 ordinary shares of the company, at a purchase price of $1.50 per ADS, in a registered direct offering. The company has also agreed to issue, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 1,333,333 ADSs. The warrants will have an exercise price of $1.50 per ADS, will be immediately exercisable upon issuance, and will expire five and one-half years from the date of issuance. The closing of the offering is expected to occur on or about January 13, subject to the satisfaction of customary closing conditions. Maxim Group is acting as the exclusive placement agent for the registered direct offering and concurrent private placement. The gross proceeds to the company from the offering are expected to be approximately $2M, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, expenses related to research, clinical development and commercial efforts, and general and administrative expenses.