SAN DIEGO, Aug. 25, 2020 /PRNewswire/ -- Kintara
Therapeutics, Inc. ("Kintara" or the "Company") (Nasdaq: KTRA)
announced today that it has closed its previously announced private
placement with investors providing for the sale and issuance of
2,185 shares of its Series C Convertible Preferred Stock (the
"Preferred Stock") at a purchase price of $1,000 per
share priced at-the-market under the rules of the Nasdaq Stock
Market. The Preferred Stock is convertible into shares of the
Company's common stock at a conversion price
of $1.214 per share. The closing resulted in gross
proceeds to the Company of approximately $2.2 million, which
is in addition to the $19.6 million
of gross proceeds previously announced in connection with the
initial closing of the private placement. The Preferred Stock
accrues dividends as previously announced.
The Company intends to use the net proceeds from the offering to
fund the previously announced registration study for VAL-083 in
newly diagnosed and recurrent GBM, the 15-patient REM-001
confirmatory lead-in study intended to continue seamlessly into a
full Phase 3 pivotal study for 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 its 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 impact of
the COVID-19 pandemic; (ii) risks and uncertainties relating to
Kintara's ability to develop, market and sell products based on its
technology; the expected benefits and efficacy of Kintara's
products and technology; the availability of substantial additional
funding for Kintara to continue its operations and to conduct
research and development, clinical studies and future product
commercialization; and, Kintara's business, research, product
development, regulatory approval, marketing and distribution plans
and strategies (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.
Contact Information
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