SYDNEY, Nov. 20,
2023 /PRNewswire/ -- Kazia Therapeutics Limited
(NASDAQ: KZIA) (Kazia or the company) received a deficiency
notification from the Listing Qualifications Staff of the Nasdaq
Stock Market LLC (Nasdaq), dated November
20, 2023, 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 Capital Market (Nasdaq C-M) 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 (the ADSs), for the
period from October 2, 2023 to
November 17, 2023, the company no
longer met this requirement as of November
17, 2023.
Under Nasdaq Listing Rule 5810(c)(3)(A), the company has 180
calendar days from the date of the Notice, or until May 20, 2024,
to regain compliance, during which time the company's securities
will continue to trade as normal on Nasdaq-CM. If at any time
before May 20, 2024, 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.
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, 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 2 study
in glioblastoma reported promising signals of clinical
activity in 2021, and a pivotal study, 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 Food and Drug Administration (US FDA) in February 2018, 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 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. A
Phase 1 study in advanced solid
tumours commenced recruitment in November 2021.
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
Nasdaq Listing Rules. 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 Nasdaq Listing Rules, 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.
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SOURCE Kazia Therapeutics Limited