Kinnate Biopharma announced that it has acquired ownership stake of Kinnjiu Biopharma previously held by the Series A investors using a combination of Kinnate shares and cash. Kinnate retains Kinnjiu’s cash, intellectual property and other assets, including key personnel and the legal entity structure. The transaction does not impact Kinnate’s cash runway, with current cash, cash equivalents and investments expected to fund current operations into mid-2024. The company also announced that KN-8701, a Phase 1 clinical trial evaluating its pan-RAF inhibitor, exarafenib, was initiated in the People’s Republic of China, or PRC, with trial sites now open in PRC and Taiwan. Kinnjiu was formed in 2021 as part of Kinnate’s joint venture to develop and commercialize its most advanced kinase inhibitors in the PRC, Hong Kong, Macau and Taiwan. In the transaction, Kinnate purchased all issued and outstanding Series A preferred shares of Kinnjiu from funds affiliated with OrbiMed and Foresite Capital Management for $24M, using a combination of cash and shares of common stock of Kinnate. The transaction was approved by the independent directors of Kinnate.
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