SAN
DIEGO, April 14, 2022 /PRNewswire/ -- Kintara
Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a
biopharmaceutical company focused on the development of new solid
tumor cancer therapies today announced that it has closed its
previously announced registered direct offering priced
at-the-market under Nasdaq rules with institutional investors for
the purchase and sale of 16,226,416 shares of the Company's common
stock (the "Shares") and warrants to purchase 16,226,416 shares of
the Company's common stock (the "Warrants"), at a combined purchase
price of $0.53 per Share and related
Warrant, for gross proceeds of approximately $8.6 million, before deducting fees and other
offering expenses. The Warrants have an exercise price of
$0.41 per share, are exercisable
immediately and expire five years from the date of issuance.
A.G.P./Alliance Global Partners acted as sole placement
agent for the offering.
The Company currently intends to use the net proceeds from the
offering for funding its clinical studies, working capital and
other general corporate purposes, including, but not limited to,
funding acquisitions or investments in businesses, products or
technologies that are complementary to the Company's businesses,
products and technologies.
The securities described above were offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-254662) filed with the Securities and Exchange Commission (SEC)
on March 24, 2021 and declared
effective on April 1, 2021. The
offering of the securities described herein was made only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statement. A final prospectus
supplement and accompanying prospectus relating to relating to the
offering were filed with the SEC on April
13, 2022 and are available on the SEC's website located
at http://www.sec.gov. Electronic copies of the prospectus
supplement may be obtained from A.G.P./Alliance Global
Partners, 590 Madison Avenue, 28th Floor, New York,
NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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 glioblastoma (GBM) and REM-001 for
Cutaneous Metastatic Breast Cancer (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 advancing VAL-083 in the GBM AGILE study to support the
development and commercialization of VAL-083 in GBM.
Kintara is also advancing its proprietary, late-stage
photodynamic therapy 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.
For more information, please visit www.kintara.com or follow us
on Twitter at @Kintara_Thera, Facebook and Linkedin.
Forward-Looking Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including statements regarding the completion of the
offering. Any forward-looking statements contained herein are based
on current expectations but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the intended use of
proceeds from the offering, the impact of the COVID-19 pandemic on
the Company's operations and clinical trials; the Company's ability
to develop, market and sell products based on its technology; the
expected benefits and efficacy of the Company's products and
technology; the availability of substantial additional funding for
the Company to continue its operations and to conduct research and
development, clinical studies and future product commercialization;
and the Company's business, research, product development,
regulatory approval, marketing and distribution plans and
strategies. These and other factors are identified and described in
more detail in the Company's filings with the SEC, including the
Company's Annual Report on Form 10-K for the year ended
June 30, 2021, the Company's
Quarterly Reports on Form 10-Q, and the Company's Current Reports
on Form 8-K.
CONTACTS
Investors
CORE IR
516-222-2560
ir@coreir.com
Media
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com
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SOURCE Kintara Therapeutics