Stocks of the Hour: Kazia Therapeutics, Green Technology Metals, Winsome Resources

Yesterday after close, Kazia Therapeutics (NASDAQ: KZIA; ASX: KZA), an oncology-focused drug development company, announced the presentation of new data from an ongoing research collaboration with the Huntsman Cancer Institute at the University of Utah in Salt Lake City, UT. A poster presentation by Dr Gennie Parkman and colleagues, working in the laboratory of Professor Sheri Holmen, has shown paxalisib to be active in vitro and in vivo against a range of preclinical models of metastatic melanoma, the most aggressive form of skin cancer. “This is among the most promising single agent data that we have seen in our research,” commented Professor Sheri Holmen, lead investigator on the project. “Despite the widespread adoption of immunotherapy in recent years, there remains substantial unmet need in melanoma, particularly in those patients who develop brain metastases. In the US overnight Kazia’a ADR spiked higher aggressively on the opening on this news, average daily volume was up over 50% and the days VWAP was AUD equivalent of around 18c. 15% higher than its closing price on the ASX yesterday to note that trading volume spiked by 51x its average volume, increasing from 316,162 to 16,262,084. Shares are trading 3.2 per cent lower at 15 cents.

Green Technology Metals (ASX:GT1) today announced inaugural assay results from its 100%-owned Root Project, located approximately 200 km west of GT1’s flagship Seymour Project. Inaugural Phase 1 diamond drilling at McCombe (Root Project) has intersected thick and continuous high grade spodumene pegmatites from surface. 19 holes have been drilled to date, all intersecting spodumene bearing pegmatites. Two diamond drill rigs are now operating 24/7 due to the drill success, the initial program will be expanded along strike and down dip. GT1 Chief Executive Officer, Luke Cox commented “Because Root hasn’t been properly explored since 1950, substantial opportunity exists to undertake systematic and modern exploration of this tenure. These initial assay results and intercept thicknesses from McCombe are outstanding, and together with mapping of new untested pegmatites, clearly justify the ramping up of our drilling and broader activities at Root over the coming months.” Shares are trading 2.1 per cent higher at 96 cents.

Winsome Resources (ASX:WR1) provided an update on its drilling campaigns which are progressing well at their projects in Quebec, Canada. All holes drilled to date have intercepted pegmatites, including large intervals close to the surface. Winsome’s Managing Director Chris Evans commented: “These early intercepts, some of which appear to be significant pegmatite intervals, continue the positive stories developing at both Cancet and Adina. The early success in intersecting these significant pegmatites at Adina has led us to add more holes to the drill program.” Shares were up 43.8 per cent at 53 cents this morning before being placed in a trading halt.

Source: Finance News Network