SAN DIEGO, CA – Kintara Therapeutics, Inc. (NASDAQ:KTRA), a pharmaceutical company specializing in the development of cancer treatments, announced a significant amendment to its merger agreement with TuHURA Biosciences, Inc. The update, filed today with the Securities and Exchange Commission (SEC), reveals changes to the conditions required for the completion of the merger.
According to the new terms, TuHURA Biosciences has waived the necessity for Kintara's stockholders to approve the company's reincorporation from Nevada to Delaware as a prerequisite to finalize the merger. This move streamlines the process, allowing the merger to proceed without this approval.
Furthermore, the parties have agreed to forego the requirement for stockholder consent to increase the number of authorized shares of Kintara's common stock. This waiver is contingent on the execution of a reverse stock split at a ratio of no less than 1-for-35, as detailed in the definitive proxy statement and final prospectus filed on August 19, 2024.
These adjustments to the merger agreement aim to expedite the integration of TuHURA into Kintara, positioning the combined entity to capitalize on synergies and advance their shared mission of developing innovative therapies for cancer patients.
The merger, initially announced on April 2, 2024, will result in TuHURA becoming a direct, wholly-owned subsidiary of Kintara. The definitive proxy statement and final prospectus concerning the merger were declared effective on August 13, 2024, and have been disseminated to Kintara's stockholders for review.
Kintara and TuHURA caution that forward-looking statements are not guarantees of future performance, and actual results may differ materially. The companies undertake no obligation to update any forward-looking statement after the date of this release.
In other recent news, Kintara Therapeutics has been actively pursuing a merger with TuHURA Biosciences. This proposed merger, which is subject to approval from the company's stockholders, is expected to enhance their combined abilities to develop innovative cancer treatments. In a significant move, Kintara has adjourned its Special Meeting of Stockholders due to insufficient votes on certain proposals, with the meeting set to reconvene to address these critical items.
The merger's completion is contingent upon various conditions, including a vote by Kintara's stockholders. The company has been urging its stockholders to participate in the decision-making process, emphasizing the importance of their votes. The meeting is a crucial step in the merger process, and its outcome will potentially shape the future direction of the combined company's efforts in cancer treatment research and development.
Kintara Therapeutics and TuHURA Biosciences have both made significant strides in their respective cancer treatment development efforts. Kintara's REM-001 therapy for cutaneous metastatic breast cancer is currently being studied, with positive results reported so far. Meanwhile, TuHURA Biosciences has secured exclusive rights to an advanced immunotherapy asset, KVA12123, currently in clinical trials. The company has also reported positive results from a Phase 1b trial of its leading cancer vaccine candidate, IFx-2.0, conducted in collaboration with Kintara Therapeutics.
In other corporate developments, Kintara Therapeutics recently held its Annual Meeting of Stockholders. At this meeting, four directors were elected, the compensation of the company's executive officers was approved, and the appointment of Marcum LLP as Kintara's independent registered public accounting firm for the fiscal year ending June 30, 2024, was ratified. These recent developments provide a snapshot of the ongoing activities within Kintara Therapeutics and TuHURA Biosciences.
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