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Kintara Therapeutics, Inc. (KTRA) stock is increasing in premarket – What’s driving it higher?

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Kintara Therapeutics, Inc. (KTRA) has seen a push of 20.29% in the premarket. However, the last trading session closed at $0.956 with an incline of 14.52%.

Fiscal Year 2021 Results

KTRA reported fiscal year 2021 financial and corporate results on 29th September 2021. The Company has about $10.5 million in cash and cash equivalents on June 30, 2021. The Company reported a net loss of $38.3 million. The rise in loss was primarily due to the realization of $16.1 million in non-cash expenses associated with the acquisition of in-process investment in research and development.

Moreover, to fund roughly $15 million in gross proceeds, the company entered into securities purchase agreements with healthcare-focused institutional investors. The proceeds from this registered direct offering. KTRA activated new clinical trial locations for glioblastoma (GBM) patients. This increased patient enrollment options in the United States (GCAR).

KTRA Announces Closing of $15.0 million Offering Priced at a Premium to Market

On 28th September 2021, KTRA announced the completion of its previously disclosed registered direct offering of 12,000,000 shares. The warrants have a $1.25 per share exercise price and are good for three and a half years from the date of issuance. Before deducting placement agency fees and offering expenses, the gross proceeds to the Company totaled approximately $15 million. The net proceeds from the offering will be used to fund research trials, cash reserves, and other standard business purposes.

KTRA Announces $15.0 million Offering of Common Stock and Warrants Priced at a Premium to Market

KTRA announced its entry into securities purchase agreements with certain healthcare-focused investment firms on 24th September 2021. It will help to raise approx $15 million in gross proceeds, before selection agent fees and other offering expenses, through the issuance of 12,000,000 shares of its common stock. The net proceeds from the offering will be used to fund clinical studies, working capital, and other standard business purposes, but not restricted to, funding mergers or investments in joint – ventures, products, or technologies to the Company’s businesses, products, and technologies.

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