Healthcare Industry News: HSMN NewsFeed
News Release - June 1, 2021
Kineta Closes $10 Million Financing Round to Advance Anti-VISTA Immuno-oncology ProgramSEATTLE, June 1, 2021 -- (Healthcare Sales & Marketing Network) -- Kineta, Inc., a clinical stage biotechnology company focused on the development of novel immunotherapies in oncology, announced today the close of its $10 million financing round. Kineta is eligible to receive up to $25 million in additional financing prior to the end of 2021 to further advance the company's pipeline of novel immunotherapies. The financing from a syndicate of investors was led by Cheongbo Industrial Co Ltd (CBI).
Proceeds from this financing will advance Kineta's lead anti VISTA antibody, KVA12.1 to an IND with the US FDA in 2022.
"We are excited to have the confidence of this leading investor syndicate in supporting KVA12.1 and our pipeline of novel immunotherapies. Closing this financing round further validates the innovative research and development at Kineta," said Shawn Iadonato, PhD, Chief Executive Officer at Kineta. "These new funds provide the resources to advance the preclinical development of our potential best-in-class anti-VISTA antibody to benefit patients with a broad range of solid tumor cancers.
"The innovative science, company strategy and management team at Kineta are well positioned to develop important new therapeutics for managing cancer," said Kyungwon Oh, President of CBI. "We are pleased to join Kineta as a major investor and lead this financing round of the company."
An investor representative from CBI, to be named later in 2021, will be appointed to the Kineta board of directors. Shawn Iadonato, Chief Executive Officer and Craig Philips, President at Kineta will be appointed to the CBI board of directors.
KVA12.1 is Kineta's lead anti-VISTA antibody in development for the treatment of solid tumors. VISTA is a key driver of the immunosuppressive tumor microenvironment (TME) and is overexpressed on myeloid-derived suppressor cells (MDSC) and regulatory T cells (Tregs). It is a critical myeloid cell immune-checkpoint, and VISTA blockade can reprogram suppressive myeloid cells and reactivate antitumor immune function. Blocking VISTA activates an immune cell cascade that increases T cell effector functions to drive an efficient anti-tumor response. Preclinical studies have demonstrated single agent anti-VISTA activity but also demonstrate that targeting VISTA in combination with PD-1, PD-L1 or CTLA-4 can significantly improve the efficacy of those checkpoint inhibitors.
Kineta, Inc. is a clinical stage biotechnology company committed to developing disruptive life science technologies that address unmet patient needs. We have leveraged our expertise in immunology to advance a focused pipeline of investigational drugs in oncology and neuroscience. We actively collaborate with a broad array of private, government and industry partners to advance our innovative products. For more information on Kineta visit our website, www.kinetabio.com, follow us on Twitter at @kinetabio, LinkedIn and Like us on facebook.com/KinetaBio.
NOTICE: This document contains certain forward-looking statements, including without limitation statements regarding Kineta's plans for pre-clinical and clinical studies, regulatory filings, investor returns and anticipated drug effects in human subjects. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties inherent in Kineta's business which could significantly affect expected results, including without limitation progress of drug development, ability to raise capital to fund drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, and legislative, fiscal, and other regulatory measures. All forward-looking statements are qualified in their entirety by this cautionary statement, and Kineta undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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