Kazia Therapeutics directors show faith in biotechnology strategy with on-market purchases

Kazia Therapeutics Ltd (ASX:KZA) directors Steven Coffey and Iain Ross have demonstrated their faith in the company’s biotechnology strategy with the purchase of shares in on-market transactions. On December 16 and 17 non-executive director Steven Coffey acquired 8,500 shares at a price of $1.24 per share and another lot of 8,015 ordinary shares at $1.225 per share. This increased the number of securities held in an indirect interest to 411,000 with the 8,015 shares purchased being the first for a direct interest. Chairman and non-executive director Iain Ross purchased 30,000 shares at an average price of $1.24 per share on December 16. This increasing his holding in a director interest to 975,001 shares. Second platform study Kazia recently announced its intention to participate in a second platform study of paxalisib with the Pacific Pediatric Neuro-Oncology Consortium (PNOC). The study is in rare paediatric childhood brain cancer known as diffuse midline gliomas including diffuse intrinsic pontine glioma (DIPG). Bell Potter Securities believes that the upside from more data and a potential additional indication could add significantly to the commercial appeal of paxalisib.