Kazia Therapeutics Ltd (NASDAQ:KZIA, Unlisted (AU):KZA, Unlisted (CA):KZA), the Sydney-based oncology biotechnology company, has priced a public offering that is expected to raise approximately $40 million in gross proceeds, with a further $80 million possible if all accompanying warrants are exercised.
The announcement came after Kazia reported encouraging early results from a breast cancer drug trial.
Those warrants are tied to future data readouts from the company's ongoing breast cancer trials.
The pricing follows Kazia's announcement that its lead drug candidate, paxalisib, achieved a 100% clinical benefit rate among six evaluable patients with Stage IV triple-negative breast cancer.
Five of the six patients showed a measurable reduction in tumor size of 30% or more, giving an objective response rate of 83%.
The remaining patient achieved stable disease.
Triple-negative breast cancer is considered one of the more aggressive and difficult-to-treat forms of the disease.
Kazia intends to use the net proceeds primarily to fund clinical development of paxalisib, including ongoing and planned studies in triple-negative and HR+/HER2- breast cancer and other oncology indications.
Leerink Partners and Guggenheim Securities are acting as joint bookrunning managers for the offering, with BTIG and Needham & Company serving as lead managers.
The offering is expected to close on or around August 31, 2026, subject to customary closing conditions.