SAN DIEGO, Aug. 21, 2020 /PRNewswire/ -- Kintara
Therapeutics, Inc. (formerly DelMar Pharmaceuticals, Inc.)
("Kintara" or the "Company") (Nasdaq: KTRA) announced today that it
has entered into definitive agreements with investors providing for
the sale and issuance of up to 2,435 shares of its Series C
Convertible Preferred Stock (the "Preferred Stock") at a purchase
price of $1,000 per share in a
private placement offering priced at-the-market under the rules of
the Nasdaq Stock Market. The Preferred Stock is convertible into
shares of Kintara common stock at a conversion price of
$1.214 per share. The offering
is expected to result in gross proceeds to Kintara of up to
approximately $2.4 million which is
in addition to the $19.6 million
previously announced. The Preferred Stock accrues dividends
as previously announced.
The private placement is expected to close on or about
August 24, 2020, subject to the
satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering
for the previously announced registration study for VAL-083 in
newly diagnosed and recurrent glioblastoma multiforme (GBM), the
15-patient REM-001 confirmatory lead-in study intended to continue
seamlessly into a full Phase 3 pivotal study for Cutaneous
Metastatic Breast Cancer (CMBC), and for working capital. Also, as
previously disclosed, the GBM trial will be executed through the
Company's partnership with Global Coalition for Adaptive Research
(GCAR) through the Glioblastoma Adaptive Global Innovative Learning
Environment (GBM AGILE) Study, an adaptive clinical trial platform
in GBM.
The shares of Preferred Stock described above were offered in a
private placement pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended
(the "Act"), and, along with the common shares issuable upon their
exercise or payable as dividends pursuant to the Preferred Stock,
have not been registered under the Act, and may not be offered or
sold in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
About Kintara
Located in San Diego, California, Kintara is dedicated to the
development of novel cancer therapies for patients with unmet
medical needs. Kintara is developing two late-stage, Phase
3-ready therapeutics for clear unmet medical needs with reduced
risk development programs. The two programs are VAL-083 for
GBM and REM-001 for CMBC. VAL-083 is a "first-in-class",
small-molecule chemotherapeutic with a novel mechanism of action
that has demonstrated clinical activity against a range of cancers,
including central nervous system, ovarian and other solid tumors
(e.g. NSCLC, bladder cancer, head and neck) in U.S. clinical trials
sponsored by the National Cancer Institute (NCI). Based on
Kintara's internal research programs and these
prior NCI-sponsored clinical studies, Kintara is
currently conducting clinical trials to support the development and
commercialization of VAL-083 in GBM. Kintara is
also advancing its proprietary late stage photodynamic therapy
(PDT) platform that holds promise as a localized cutaneous or
visceral tumor treatment as well as in other potential indications.
REM-001 therapy, has been previously studied in four Phase 2/3
clinical trials in patients with CMBC, who had previously received
chemotherapy and/or failed radiation therapy. With clinical
efficacy to date of 80% complete responses of CMBC evaluable
lesions and with an existing robust safety database of
approximately 1,100 patients across multiple indications, Kintara
is advancing the REM-001 CMBC program to late stage
pivotal testing.
Forward-Looking Statements
This press release contains forward-looking statements based
upon Kintara's current expectations. This communication contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by terminology such as "may," "should,"
"expects," "plans," "anticipates," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these terms or other
similar words. These statements are only predictions. Kintara has
based these forward-looking statements largely on their
then-current expectations and projections about future events, as
well as the beliefs and assumptions of management. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond Kintara's
control, and actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to: (i) risks associated
with the timing of the closing of the proposed private placement;
(ii) whether the recently closed merger with Adgero
Biopharmaceuticals will be successful, and (iii) those risks
detailed in Kintara's most recent Annual Report on
Form 10-K and subsequent reports filed with the SEC, as
well as other documents that may be filed by Kintara from time to
time with the SEC. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. Kintara
cannot assure you that the events and circumstances reflected in
the forward-looking statements will be achieved or occur, and
actual results could differ materially from those projected in the
forward-looking statements. The forward-looking statements made in
this communication relate only to events as of the date on which
the statements are made. Except as required by applicable law or
regulation, Kintara undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events. Investors should not assume
that any lack of update to a previously issued "forward-looking
statement" constitutes a reaffirmation of that statement.
Investors:
CORE IR
516-222-2560
ir@coreir.com
Media:
Jules Abraham
Head of Public Relations
CORE IR
917-885-7378
julesa@coreir.com
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SOURCE Kintara Therapeutics