Kazia Therapeutics Limited (KZIA), a company dedicated to the development of oncology drugs, has entered into a definitive agreement for a registered direct offering. This offering involves up to approximately 1.33 million American Depositary Shares (ADSs), each priced at $1.50, aiming to generate gross proceeds of about $2 million.
Each ADS is equivalent to 100 ordinary shares in the company.
The proceeds from this initiative are earmarked for general corporate needs, which include enhancing working capital, funding research and clinical developments, supporting commercial initiatives, and covering administrative expenses.
The transaction is projected to conclude around January 13.
Currently, KZIA shares are trading at $1.61, reflecting a 4.17 percent decline, equivalent to a $0.07 decrease.