Ann: Results of Meeting, page-116

I didn't want to cross-promote another oncology stock on IMU, but for clarity I am referring to the acquisition of Glioblast Pty Ltd by Novogen (ASX:NRT) in October 2016. Novogen is now known as Kazia Therapeutics (ASX:KZA). This acquisition was part of the deal that saw Novogen (now Kazia) license in GDC-0084 from Genentech.

From the announcement dated 31 October 2015:

Sydney, 31st October 2016 – Australian oncology-focused biotechnology company,
Novogen Ltd (ASX: NRT; NASDAQ: NVGN) today announced that it has fully-acquired
Glioblast Pty Ltd, a privately-held, neuro-oncology-focused Australian biotechnology
company.

The transaction includes an upfront payment of AU$ 2.1 million, comprising AU$ 600,000
in cash and ordinary fully-paid shares valued at AU$ 1.5 million, with the actual number
of shares determined on the basis of the volume-weighted average price of Novogen
shares on the ASX in the seven days prior to this announcement.

The shareholders of Glioblast will be eligible for further payments in cash or equity on the
achievement of performance-related milestones. The first two of these milestones
provide for the issue of ordinary fully-paid shares valued at AU$ 1.25 million respectively
on commencement and successful completion of a phase II clinical trial of GDC-0084,
with the actual number of shares determined on the basis of the volume-weighted
average price of Novogen shares on the ASX in the seven days prior to satisfaction of
the relevant milestone being announced. A further two milestones may trigger payments
in cash or equity at Novogen's sole discretion. Any issue of equity in Novogen will be
subject to a minimum six-month escrow period.

The addition of Glioblast will add important capabilities and relationships to Novogen, allowing it to more
effectively move forward with the GDC-0084 program. Paul Hopper, a highly-experienced life sciences
executive, and Leslie Chong, who was formerly Clinical Program Lead for GDC-0084 at Genentech, both
shareholders of Glioblast, will become consultants to Novogen and will advise on clinical development.

It seems that the relationship between Novogen (now Kazia) and Hopper/Chong did not end well. It appears that Hopper dumped his shareholding on market over several months in mid-2019. The share price tanked. I joke that I probably bought some of Hoppers shares, which have almost five bagged since. I've heard it said that the discontent came down to a difference in opinion over the strategy for phase II clinical trials for GDC-0084.

I don't want to create a sideline to the main conversation here about the voting-out of Dr Hoos but I have remained very cautious of Hopper as a result of what he did to the Kazia share price. It appeared to me to be vindictive and spiteful. So, it would not surprise me if Hopper were to end up in some sort of conflict with say a major shareholder or shareholders who may have a different view over strategy.