He intends to use the net proceeds to fund his clinical studies, working capital and other general corporate objectives.
Kintara Therapeutics Inc has entered into securities purchase agreements with certain healthcare-focused institutional investors to raise gross proceeds of approximately $ 15 million.
The company said it intends to use the net proceeds to fund its clinical studies, working capital and other general business goals. In addition, the money can be used to finance acquisitions or investments in businesses, products or technologies that are complementary to the business.
In a direct marked-to-market offer under Nasdaq rules, the company will issue 12 million common shares (or common stock equivalents) and investor warrants to purchase up to a total of 12 million common shares. .
READ: Kintara reports first results from Phase 2 clinical study of VAL-083 for newly diagnosed GBM patients
Kintara said that each common share (or the equivalent of one common share) is sold with an investor’s warrant to purchase one common share at a combined offering price of $ 1.25. Investor warrants have an exercise price of $ 1.25 per share and may be exercised for three and a half years from the date of issue.
The offer is expected to close on or around September 28, 2021, subject to the satisfaction of customary closing conditions.
HC Wainwright & Co. is acting as the exclusive placement agent for the offering.
Based in San Diego, Kintara is dedicated to developing new cancer therapies for patients with rare unmet medical needs. She is currently developing two phase 3 ready therapies, VAL-083 for GBM and REM-001 for metastatic cutaneous breast cancer (CMBC).
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