Kazia Therapeutics (ASX:KZA) has established an ‘at-the-market’ equity program (ATM) with Oppenheimer & Co. Inc. (Oppenheimer).
Under the AT, Kazia may offer and sell via Oppenheimer up to US$35 million of its ordinary shares, in the form of American Depository Shares (ADSs), with each ADS representing ten ordinary shares.
Kazia chair Iain Ross said, “ATM facilities are a common financing instrument for Nasdaq-listed biotech companies. We consider it prudent capital management for Kazia to have access to such a facility, so that it may respond most efficiently and most costeffectively to emerging investor demand.”
The company said sales of ADSs under the ATM may be made from time to time, with the timing and amount of any sales to be determined by it at its sole discretion.
It said it currently intends to use the net proceeds from the ATM primarily for general corporate purposes and that this may include working capital and capital expenditures, expenses related to research, clinical development and commercial efforts, general and administrative expenses, and potential acquisitions of, or investments in, companies, technologies, products or assets that complement.