Ann: Kazia establishes ATM program, page-15

That dilution has an upside to it.
1. Australian shareholders don't have to cough up cash.
2. The upside of NASDAQ biotechs is significantly better than ASX biotechs.
3. Any US funds that have been on the sidelines can now enter the shareholder register and should remain within there operational rules since they are buying a NASDAQ product.
4. NASDAQ has larger trading volumes and so any gains will push ASX:KZA up aswell.
5. The ADR holder can buy up KZA shares and gain a volume increase for the NASDAQ KZIA trading. They make a profit on the high volumes so any way of increasing volume will mean higher demand for ASX:KZA too.

So, for me, a humble retail investor, this is a great initiative. Our MC is ridiculously tiny when view by the NASDAQ traders. This ATM program should be a catalyst for bringing in high trading volumes to both the NASDAQ and ASX for Kazia.