On December 19, 2019 Kinnate Biopharma, Inc., a precision oncology company focused on the discovery and development of novel kinase inhibitors, reported that the company raised $74.5M in an oversubscribed Series B financing (Press release, Kinnate Biopharma, DEC 19, 2019, View Source [SID1234553304]). New investors OrbiMed, Nextech Invest Ltd., and Vida Ventures LLC participated in the round along with existing investors Foresite Capital and Eshelman Ventures.
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"Our Kinnate team has worked efficiently to build a robust, homegrown portfolio of best-in-class and first-in-class drug candidates in less than 21 months from our Series A financing close. This Series B financing positions us well to mature our candidates to clinical Proof-of-Concept"
Kinases play a crucial role in the carcinogenesis and metastases of various types of cancer, and kinase inhibition is a proven approach to addressing cancer resistance. The Kinnate team has been developing a broad portfolio of programs targeting substantial patient populations. Proceeds from the financing will be used to advance several development candidates from Kinnate’s existing programs into the clinic, and to fund new research programs. The funding will also be used to build out the Kinnate team of world-class oncology drug developers in its headquarters in San Diego.
"Our Kinnate team has worked efficiently to build a robust, homegrown portfolio of best-in-class and first-in-class drug candidates in less than 21 months from our Series A financing close. This Series B financing positions us well to mature our candidates to clinical Proof-of-Concept," said Stephen Kaldor, Ph.D., co-founder and CEO of Kinnate.
"We are excited to expand our team here in San Diego with additional top caliber oncology talent on the strength of this funding. Furthermore, we are pleased to have precision oncology luminary Dr. Keith Flaherty, M.D., Director of Clinical Research at the Massachusetts General Hospital Cancer Center, join our Board of Directors," commented Eric Murphy, Ph.D., co-founder and CSO of Kinnate.
In conjunction with the financing, Carl Gordon, Ph.D., CFA, Managing Partner at OrbiMed, Brett Zbar, M.D., Managing Director at Foresite Capital, and Michael Rome, Ph.D., Partner at Foresite Capital, have also joined the company’s board of directors.
"It has been a pleasure to support Kinnate since its 2018 Series A financing. We’re impressed with the team’s progress since then and are privileged to be joined by such a strong set of new Series B investors with particular depth in oncology," said Jim Tananbaum, M.D., founder and managing director of Foresite Capital.
"For two decades, kinase inhibitors have addressed an increasing number of oncology indications. We are pleased to be working with the experienced team at Kinnate to continue this progress," added Dr. Gordon of OrbiMed.