Kazia slides after breast cancer drug update, equity offering launch
BUZZ-Kazia slides after breast cancer drug update, equity offering launch ** Shares of Kazia Therapeutics KZIA.O tumble 16.8% to $14.07 post-market as co looks to raise equity following an update on its breast cancer drug
** Australian biotech says its drug, paxalisib, achieved 100% clinical benefit rate in six evaluable patients with stage IV triple-negative breast cancer (TNBC)
** Most patients saw tumors shrink, including one complete response that has remained in remission since Nov 2025, co says
** Enrollment in ongoing Phase 1b study evaluating paxalisib in combination with Merck's MRK.N Keytruda and chemotherapy in advanced metastatic TNBC expected to be completed in Jul 2027, with interim updates planned in 2026-2027
** Co commences offering of American Depositary shares (ADSs) and pre-funded warrants to purchase ADSs, and accompanying warrants or pre-funded warrants; deal size not disclosed
** Each ADS represents 500 ordinary shares; co has about 10.7 mln ADSs outstanding for roughly $180 mln market cap, per LSEG data
** It intends to use net offering proceeds to fund development of paxalisib, including ongoing/planned studies in TNBC and HR+/HER2- breast cancer and other oncology indications, among other purposes
** Leerink and Guggenheim joint bookrunners
** KZIA stock on Thurs finished up 15.8% at $16.90, highest since Dec, up 145% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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