SYDNEY, Dec. 12,
2022 /PRNewswire/ -- Kazia Therapeutics Limited
(NASDAQ: KZIA; ASX: KZA) received a deficiency notification from
the Listing Qualifications Staff of the Nasdaq Stock Market LLC,
dated December 9, 2022, notifying the
company that it is not in compliance with the minimum bid price
requirement set forth in the Nasdaq Capital Market's rules for
continued listing (the "Notice").
The deficiency notification has no immediate impact on the
company's operations or listing. Kazia's securities will continue
to trade as normal on Nasdaq-CM under the ticker KZIA.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of at least US$
1.00 per share, and failure to do so for a period of 30
consecutive business days triggers a deficiency notice. Based on
the closing bid price of Kazia's American Depository Shares, each
representing ten ordinary shares of the company (ADSs), for the
period from October 27, 2022 to
December 8, 2022, the company no
longer met this requirement as of December
8, 2022.
Under Nasdaq Listing Rule 5810(c)(3)(A), the company has 180
calendar days from the date of the Notice, or until June 7, 2023,
to regain compliance, during which time the company's securities
will continue to trade as normal on Nasdaq-CM. If at any time
before June 7, 2023, the bid price of the company's ADSs closes at
or above US$ 1.00 per share for a minimum of 10 consecutive
business days, the company will regain compliance with the minimum
bid requirement. If the company does not regain compliance during
this period, it may be eligible, upon satisfaction of certain
Nasdaq requirements, for an additional period of 180 calendar days
to regain compliance or its securities may be subject to delisting
from Nasdaq.
The company will closely monitor the situation and intends to
resolve the deficiency and regain compliance with the Nasdaq
Listing Rules. The deficiency notice has no impact on the company's
listing on the Australian Securities Exchange (ASX), where it
continues to trade as normal under the ticker KZA.
About Kazia Therapeutics
Limited
Kazia Therapeutics Limited (NASDAQ: KZIA; ASX: KZA) is an
oncology-focused drug development company, based in Sydney, Australia.
Our lead program is paxalisib, a 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 II study in glioblastoma
reported promising signals of efficacy in 2021, and an important
study for registration, GBM AGILE, is ongoing, with final data
expected in CY2023. 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 US FDA in February 2018, and
Fast Track Designation for glioblastoma by the US FDA in
August 2020. In addition, paxalisib
was granted Rare Pediatric Disease Designation and Orphan
Designation by the US FDA for DIPG in August
2020, and for atypical teratoid / rhabdoid tumours (AT/RT)
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
compelling evidence of synergy with immuno-oncology agents. A phase
I study commenced recruitment in November
2021.
For more information, please visit www.kaziatherapeutics.com or
follow us on Twitter @KaziaTx.
This document was authorized for release to the ASX by
James Garner, Chief Executive
Officer, Managing Director.
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, and Kazia's strategy and
plans with respect to its programs, including paxalisib. Such
statements are based on Kazia's 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, and the 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 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.
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SOURCE Kazia Therapeutics Limited