Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9M) directors have demonstrated their confidence in the company's biotech strategy with on-market purchases.
Non-executive director Steven Coffey acquired 7,250 shares at $1.40 per share in an indirect interest between April 30 and May 3, increasing the number of securities held in that interest to 418,250 shares with another 8,015 held in a direct interest.
On May 3 managing director and CEO Dr James Garner purchased 20,000 shares in a direct interest at an average price of $1.39 per share, increasing the number held to 420,000.
Chairman and non-executive director Iain Ross acquired 25,000 shares at $1.397 per share in a direct interest on April 30, increasing his holding to 1,000,001 shares.
March quarter highlights
The company kicked off 2021 with a trifecta of March quarter licensing deals, leaving it "a vastly stronger and more substantial business", according to CEO Dr James Garner.
During the quarter, the oncology-focused drug development company saw maiden revenue of A$5.3 million and its cash position increased to A$19.7 million by the end of March.
Reflecting on its strong progress, shares in the company have risen from A$0.77 cents at the market close on November 4 to A$1.88 on April 8, a new high of almost six years, while the market cap is now approximately A$180.8 million.