Kazia Therapeutics Limited, an oncology-focused drug development company, is pleased to announce that it has regained compliance with the minimum bid price requirement of the Nasdaq Listing Rule 5550(a)(2), as notified by the Listing Qualifications Staff of the Nasdaq Stock Market LLC. This marks an important milestone for the company and underscores its commitment to providing investors with access to Nasdaq-listed securities.
On December 9, 2022, the staff of Nasdaq notified the company that its American Depository Shares (ADSs) had been trading below the minimum bid price of US$ 1.00 per share for a consecutive period of thirty business days and were thus in violation of the exchange’s listing standards.
If your company’s ADSs don’t close at or above US$ 1.00 per share for a minimum of ten consecutive business days, Nasdaq Listing Rule 5550(a)(2) will trigger a deficiency notice. Don’t worry though – you have 180 calendar days from the date of the notice to fix the issue and restore compliance with the minimum bid requirement. With a bit of effort, you can get your security back up to the required minimum bid price of US$ 1.00 per share.
On April 13, 2023, Nasdaq notified the company that they had met the requirements of Nasdaq Listing Rule 5550(a)(2), as the stock had closed at $1.00 per share or higher for ten consecutive business days from March 29 to April 12. The company was thrilled to have regained compliance with the rule.
About Kazia Therapeutics Limited
Kazia Therapeutics Limited (NASDAQ: KZIA; ASX: KZA) is an exciting oncology-focused drug development company, based in Sydney, Australia. With a mission to discover, develop and commercialize innovative therapies for the treatment of cancers with high unmet medical need, they are at the forefront of cancer research and development. Their commitment to providing groundbreaking treatments will help to improve the lives of cancer patients around the world.
Paxalisib, a groundbreaking brain-penetrant inhibitor of the PI3K / Akt / mTOR pathway, is revolutionizing the fight against brain cancer. Originally licensed from Genentech in 2016, paxalisib has since been the subject of ten clinical trials, with promising signals of efficacy being reported in 2021.
The pivotal GBM AGILE study is currently underway, and if successful, it could lead to registration of the drug by 2023. Other clinical trials are ongoing in brain metastases, diffuse midline gliomas, and primary CNS lymphoma, and the results so far have been highly encouraging. With this innovative approach, paxalisib is leading the way in the battle against brain cancer.
In February 2018, Paxalisib received Orphan Drug Designation from the US FDA for glioblastoma, followed by Fast Track Designation in August 2020. Just two months later, the drug was given Rare Pediatric Disease Designation for DIPG.
To top it off, the US FDA granted Orphan Designation for atypical teratoid / rhabdoid tumours (AT/RT) in June and July 2022, respectively. These designations prove that Paxalisib is a valuable resource for those suffering from various types of cancer.
Kazia Therapeutics is making waves in the world of cancer research with the development of EVT801, a small molecule inhibitor of VEGFR3, which was licensed from Evotec SE in April 2021. Preclinical testing has shown that EVT801 has the potential to be active against a wide range of cancer types and to work synergistically with immuno-oncology agents.
As a result, a phase I clinical trial was launched in November 2021 to further explore its therapeutic potential. With the potential to revolutionize cancer treatment, EVT801 is an exciting development for those battling the disease.