SYDNEY, May 23, 2024
/PRNewswire/ -- Kazia Therapeutics Limited (NASDAQ: KZIA) (Kazia or
the company) received a letter on May 22,
2024 from Nasdaq notifying the Company that, while the
Company has not regained compliance with the Minimum Bid Price
Requirement, Nasdaq has determined that the Company is eligible for
an additional 180 calendar day period, or until November 18, 2024 (the "Second Compliance
Period"), to regain compliance with the Minimum Bid Price
Requirement.
As previously disclosed, on November 20,
2023, Kazia Therapeutics Limited (the "Company") received a
deficiency notification from the Listing Qualifications Staff of
the Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that
it was not in compliance with the minimum bid price requirement as
set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price
Requirement"). The Company was provided 180 calendar days, or until
May 20, 2024, to regain compliance
with the Minimum Bid Price Requirement.
If at any time during the Second Compliance Period the closing
bid price of the Company's security is at least $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation of
compliance. Nasdaq's determination was based on the Company meeting
the continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
The Nasdaq Capital Market, with the exception of the Minimum Bid
Price Requirement, and the Company's written notice to Nasdaq of
its intention to cure the deficiency during the Second Compliance
Period and, if necessary, by effecting a ratio change of the
American Depositary Shares (the "ADSs"), each representing ten
ordinary shares of the Company, to its ordinary shares.
The deficiency notification has no immediate impact on the
Company's operations or listing. The Company's securities will
continue to trade as normal on The Nasdaq Capital Market under the
ticker "KZIA." The Company will continue to actively monitor the
closing bid price of its ADSs and intends to consider all available
options to resolve the deficiency and regain compliance within the
Second Compliance Period provided and may, if necessary, implement
a ratio change of the ADSs to its ordinary shares, to regain
compliance with the Minimum Bid Price Requirement.
There can be no assurance that the Company will regain
compliance with the Minimum Bid Price Requirement during the Second
Compliance Period. If the Company does not regain compliance within
the Second Compliance Period, Nasdaq staff will provide notice that
the Company's securities will be subject to delisting. The Company
would then be entitled to appeal that determination to a Nasdaq
Hearings Panel (the "Panel"). There can be no assurance that, if
the Company does appeal any delisting determination by the Panel,
such appeal would be successful
About Kazia Therapeutics Limited
Kazia Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused
drug development company, based in Sydney, Australia.
Our lead program is paxalisib, an investigational
brain-penetrant inhibitor of the PI3K / Akt / mTOR pathway, which
is being developed to treat multiple forms of brain cancer.
Licensed from Genentech in late 2016, paxalisib is or has been the
subject of ten clinical trials in this disease. A completed Phase 2
study in glioblastoma reported early signals of clinical activity
in 2021, and a pivotal study in glioblastoma, GBM AGILE, is
ongoing, with final data expected in 1H2024. Other clinical trials
are ongoing in brain metastases, diffuse midline gliomas, and
primary CNS lymphoma, with several of these having reported
encouraging interim data. Paxalisib was granted Orphan Drug
Designation for glioblastoma by the FDA in February 2018, and FTD for glioblastoma by the
FDA in August 2020.
Paxalisib was also granted FTD in July
2023 for the treatment of solid tumour brain metastases
harboring PI3K pathway mutations in combination with radiation
therapy. In addition, paxalisib was granted Rare Pediatric Disease
Designation and Orphan Drug Designation by the FDA for diffuse
intrinsic pontine glioma in August
2020, and for atypical teratoid / rhabdoid tumours in
June 2022 and July 2022, respectively.
Kazia is also developing EVT801, a small-molecule inhibitor of
VEGFR3, which was licensed from Evotec SE in April 2021. Preclinical data has shown EVT801 to
be active against a broad range of tumour types and has provided
evidence of synergy with immuno-oncology agents. Stage one of the
Phase I study has been completed and preliminary data is
anticipated in CY2024.
For more information, please visit www.kaziatherapeutics.com or
follow us on Twitter @KaziaTx
Forward-Looking Statements
This announcement may contain forward-looking statements, which
can generally be identified as such by the use of words such as
"may," "will," "estimate," "future," "forward," "anticipate," or
other similar words. Any statement describing Kazia's future plans,
strategies, intentions, expectations, objectives, goals or
prospects, and other statements that are not historical facts, are
also forward-looking statements, including, but not limited to,
statements regarding: the timing for results and data related to
Kazia's clinical and preclinical trials, Kazia's strategy and plans
with respect to its programs, including paxalisib and EVT801, and
Kazia's intentions with respect to regaining compliance with the
Minimum Bid Price Requirement, including effecting a ratio change
of the ADSs to its ordinary shares, if necessary. Such statements
are based on Kazia's current expectations and projections about
future events and future trends affecting its business and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements, including risks and uncertainties:
associated with clinical and preclinical trials and product
development, related to regulatory approvals, related to the
possibility that Kazia may not regain compliance with the Minimum
Bid Price Requirement, and related to the impact of global economic
conditions. These and other risks and uncertainties are described
more fully in Kazia's Annual Report, filed on form 20-F with the
United States Securities and Exchange Commission (the "SEC"), and
in subsequent filings with the SEC. Kazia undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise, except as
required under applicable law. You should not place undue reliance
on these forward-looking statements, which apply only as of the
date of this announcement.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kazia-granted-180-day-extension-by-nasdaq-to-meet-the-minimum-bid-price-requirement-302154613.html
SOURCE Kazia Therapeutics Limited