Nasdaq Grants Kazia 180-Day Extension to Meet Minimum Bid Price

Sydney, May 23, 2024 – Kazia Therapeutics Limited has been granted an extension by Nasdaq to meet the Minimum Bid Price Requirement. The notification, received on May 22, 2024, allows Kazia until November 18, 2024, to regain compliance. This marks the start of a 180-day extension period, termed the "Second Compliance Period."

Initially, Kazia was informed on November 20, 2023, that it was not meeting the Nasdaq Listing Rule 5550(a)(2), which mandates a minimum bid price requirement. The company was given until May 20, 2024, to rectify this issue. With the extension, if Kazia's closing bid price remains above $1.00 per share for ten consecutive business days during the Second Compliance Period, Nasdaq will confirm compliance.

The extension is contingent upon Kazia continuing to satisfy the market value requirements for publicly held shares and other applicable criteria for listing on The Nasdaq Capital Market, aside from the Minimum Bid Price Requirement. Kazia has indicated its intention to address the deficiency, potentially through an adjustment in the ratio of its American Depositary Shares (ADSs) to ordinary shares.

For now, the deficiency notification does not impact Kazia’s operations or its Nasdaq listing status. Trading will continue under the ticker "KZIA." The company will closely monitor its ADS’s closing bid price and explore all available options to meet compliance within the extended period. If necessary, Kazia may implement a ratio change in its ADSs to ordinary shares to meet the minimum bid price requirement.

However, there is no guarantee that Kazia will regain compliance during this period. Should the company fail to meet the requirement by November 18, 2024, it will receive a delisting notice from Nasdaq staff. Kazia would then have the option to appeal to a Nasdaq Hearings Panel. The outcome of any potential appeal remains uncertain.

About Kazia Therapeutics Limited

Kazia Therapeutics Limited, based in Sydney, Australia, focuses on oncology drug development. Its lead drug candidate, paxalisib, is an investigational inhibitor designed to penetrate the brain and target the PI3K / Akt / mTOR pathway. Paxalisib is under development for various brain cancers and has been involved in ten clinical trials. A Phase 2 study in glioblastoma indicated early clinical activity in 2021, and a pivotal glioblastoma study, GBM AGILE, is expected to provide final data in the first half of 2024. Other trials for brain metastases, diffuse midline gliomas, and primary CNS lymphoma have shown promising interim results.

Paxalisib has received multiple designations from the FDA, including Orphan Drug Designation for glioblastoma, Fast Track Designation for glioblastoma and solid tumor brain metastases with PI3K pathway mutations, and Rare Pediatric Disease Designation for diffuse intrinsic pontine glioma and atypical teratoid/rhabdoid tumors.

In addition to paxalisib, Kazia is developing EVT801, a small-molecule inhibitor targeting VEGFR3, licensed from Evotec SE in April 2021. Preclinical data suggest EVT801 is effective against various tumors and shows potential synergy with immuno-oncology treatments. The first stage of a Phase I study has been completed, with preliminary data expected in 2024.

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