Australian oncology-focused biotechnology company Kazia Therapeutics (ASX:KZA) has announced the successful completion of the institutional component of its capital raise.
The institutional component of the company's offer was completed on 1 October and raised $16.4 million.
The company said the offer attracted strong support from institutional shareholders with all eligible accelerated holders participating and an overall take-up by those parties of approximately 70 per cent.
Kazia Chairman, Iain Ross, said, “We are delighted to have had a very substantial interest from new and existing institutional holders. Kazia has made enormous progress as a company, and this financing round promises to be transformative, as we move into late-stage clinical trials. We are thankful for the emphatic support of our shareholders and look forward to reporting new data in coming months.”
The company said the retail component of the offer will open on 8 October and is expected to close on 20 October.
Under the retail component, eligible shareholders will be able to subscribe for one new for every three held on the record date at the same price as the institutional offer ($0.80 per new share).