Sydney-based biotech outfit Kazia Therapeutics is hunting a $25.2 million cash injection, to fund its participation in an international bran cancer study.
Brain cancer drug developer Kazia Therapeutics launched a capital raising on Wednesday. Supplied
The company launched a one-for-three pro-rata non-renounceable entitlement offer on Wednesday morning, with help from Bell Potter.
The offer was priced at 80¢ a share, which represented a 16.7 per cent discount to Kazia's 96¢ last close and a 13 per cent discount to the theoretical ex-rights price, according to terms sent to funds.
Potential investors were told the money raised would go towards Kazia's participation in the GBM Agile study, an international study into glioblastoma, an aggressive type of cancer that occurs in the brain and spinal cord.
The lead drug Kazia is developing, called paxalisib, was selected to join the study in December last year.
The institutional entitlement offer was pegged to close on Thursday.
