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The Sydney based oncology-focused biotech company, Kazia Therapeutics Limited (ASX:KZA) today announced that it has entered into an arrangement to sell the remainder of its holding in the shares of Noxopharm limited (ASX: NOX) via a block trade.
The stake sale is expected to fetch KZA approximately $2.1 million, and the total gross proceeds from the sale of its holding is expected to be approximately $2.4 million. The proceeds from the sale would be applied to Kaziaâs own R&D programs, and this would be yielding important data read-outs in Q2 calendar 2019. It is to be noted that, Kazia retains 3 million unlisted options in Noxophram, with an exercise price of $0.80. The current trading price of Noxophram is $0.500, trading down by 1.96% on ASX as of this writing (As at Tue 19 Mar 19 3:25 PM).
It is to be noted that in January 2018, KZA had informed the exchange regarding the companyâs collaboration with Noxopharm to support future development of NOX66, and in lieu of that NOX issued securities to KZA. 5,317,123 fully paid ordinary shares in NOX, voluntary held in escrow until 14 June 2018; and 3,000,000 unlisted options over NOX stock, expiry 18 January 2020, and exercisable @$0.80.
The company recently published its half-yearly report for the period to 31 December 2018. The company reported a cash balance at 31 December 2018 of $5.4 million, vs. $6.0 million at 30 June 2018. This decline is due to the decline in value of the companyâs equity holding in Noxopharm from $11.1 million, down from $12.5 million at 30 June 2018.
The company during the half-year spent $5.8 million on R&D pipeline, and the company highlighted that it had spent approximately two-thirds of their expenditure directly to R&D, this as compared to around 50% being spent on R&D. The board has streamlined the costs wherever possible.
The company believes that calendar 2019 would see multiple data read-outs across their two clinical programs, and these would be critical in defining the future direction of the company. On the funding front, the company raised an additional $0.8 million via Share purchase plan (SPP), taking its total funds raised to $4.2 million. More could be read here.
Stock Information:
The stock has been in a decent uptrend in the past couple of months. The stock has shot up by 45.71% in the last three months and is up by 10.87% in the last month alone.
The shares of PAN are trading at A$0.500 on ASX, down by 1.961%(As at Tue 19 Mar 19 3:25 PM).
Kazia Therapeutics Limitedâs (ASX:KZA) market capitalization stands at circa $31.71 million. The total number of outstanding shares are ~62.17 million. The avg. trading volume is 30,576. The Stock has noted the 52-week high price of A$0.800 and 52-week low price of A$0.330. As per the latest ASX declaration, the companyâs EPS stood at -0.248 AUD.
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