Australia's Kazia Therapeutics slumps after discounted capital raise

Kazia Therapeutics

16/01/2023 24:36

** Shares of Kazia Therapeutics  KZA.AX  drop as much as
18.5% to A$0.110, their biggest intraday pct loss since Aug. 1,
2022
    ** The oncology-focused drug maker says it has undertaken a
placement and share purchase plan to raise A$4.5 million ($3.14
million)
    ** Issue price of A$0.11/share is at a discount of 18.5% to
the last close on Jan. 11
    ** Co says funds raised will be used to drive Kazia's
clinical program towards several critical inflection points 
    ** KZA fell 92.7% in 2022
($1 = 1.4345 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))