Kazia Therapeutics Ltd. is selling its remaining stake in Noxopharm Ltd. through a single block trade for proceeds of about A$2.1 million.

The Sydney-based biotechnology company, which develops therapies for cancer, plans to use the proceeds for research and development.

Kazia, formerly known as Novogen, retains 3 million unlisted options in Noxopharm, which are exercisable at 80 cents each.

Kazia and Australia-based Noxopharm entered a collaboration in 2017 to develop the latter's cancer therapy NOX66. In return, Kazia agreed to take a small equity interest in Noxopharm.

The sale brings the total gross proceeds of Kazia's sale of its holding in Noxopharm to about A$2.4 million.