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Kazia Therapeutics announces $2M private placement

Kazia Therapeutics (KZIA) announced that it has entered into a securities purchase agreement with certain established institutional investors for a private placement of equity securities. Pursuant to the securities purchase agreement, the company agreed to offer and sell to an aggregate of approximately $2M of ordinary shares and prefunded warrants. The securities being sold in the PIPE are priced at a 5% premium to the closing price of Kazia’s ADSs on July 31. The PIPE is structured as a straightforward equity investment with no common warrant coverage. The transaction is expected to close on Monday, August 4, subject to customary closing conditions. The company estimates that the net proceeds from the PIPE will be approximately $2M, after deducting estimated offering expenses.

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