Kinnate Biopharma Secures $74.5M Series B Financing to Advance Multiple Precision Oncology Candidates into Clinical Development

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 19, 2019, local time, Kinnate Biopharma, a precision oncology company focused on the discovery and development of novel kinase inhibitors, announced an oversubscribed $74.5 million Series B financing round. New investors OrbiMed, Nextech Invest, and Vida Ventures joined existing investors Foresite Capital and Eshelman Ventures in participating in this round. The proceeds will be used to advance multiple precision oncology drug candidates into clinical trials.

Following the completion of this financing round, Dr. Carl Gordon, Executive Partner at OrbiMed; Mr. Brett Zbar, Managing Director at Foresite Capital; and Dr. Michael Rome, Partner at Foresite Capital, joined the Board of Directors of Kinnate Biopharma.

Kinnate Biopharma, established in 2018 and headquartered in California, USA, is a biopharmaceutical company dedicated to developing a portfolio of precision oncology therapies for genomically defined diseases, with a focus on the selection and development of selective small molecules.

Kinnate Biopharma is currently co-led by its Co-founder and CEO, Dr. Stephen Kaldor, and its Co-founder and Chief Safety Officer, Dr. Eric Murphy. Kinases play a crucial role in the carcinogenesis and metastasis of various types of cancer, and kinase inhibitors have been proven to be an effective approach to addressing cancer drug resistance. The Kinnate Biopharma team has been developing a broad portfolio targeting large patient populations. The funds raised in this round will be used to advance multiple drug candidates from the company’s existing pipeline into clinical trials and to fund new research initiatives.

Kinnate Biopharma currently has three primary drug candidates: the first targets DNA damage repair mechanisms; the second is a next-generation inhibitor of gene fusions with known resistance mutations; and the third is a best-in-class inhibitor targeting key clinical pathways across all cancers.

The funding will also be used to build a team of world-class oncology drug R&D professionals at the company’s San Diego headquarters.

Dr. Stephen Kaldor, Co-founder and CEO of Kinnate Biopharma, stated, “In less than 21 months since the closing of our Series A financing, our team has worked effectively to build a robust portfolio of best-in-class drug candidates manufactured locally. This round of financing lays a solid foundation for advancing our drug candidates into clinical proof-of-concept studies.”

“With the support of this funding, we are pleased to expand our team in San Diego and attract more top-tier oncology talent,” said Eric Murphy, Co-Founder and Chief Safety Officer of Kinnate Biopharma. “In addition, we are delighted to welcome Dr. Keith Flaherty, Director of Clinical Research at the Massachusetts General Hospital Cancer Center, to our Board of Directors.”

Jim Tananbaum, Founder and Managing Director of Foresite Capital, stated, “Since Kinnate Biopharma completed its Series A financing in 2018, we have been impressed by the company’s progress and are honored to support its Series B financing round.”

OrbiMed, founded in 1989 and headquartered in New York, USA, is an investment firm dedicated to the healthcare sector, managing approximately $5 billion in assets.

Nextech Invest, founded in 1998 and headquartered in Zurich, Switzerland, is a venture capital and private equity firm specializing in early-stage, mid-stage, late-stage, and emerging growth investments. The firm primarily invests in the information technology, biotechnology, and healthcare sectors, with a focus on oncology companies developing cancer therapeutics and diagnostics.

Vida Ventures, founded in 2017 and headquartered in Massachusetts, USA, is a venture capital firm focused on the life sciences sector.

Foresite Capital, established in 2011 and headquartered in California, USA, is a private equity firm managing approximately $2 billion in assets, with a primary focus on investments in the healthcare and life sciences sectors.

Eshelman Ventures, based in North Carolina, USA, is a venture capital firm that primarily invests in healthcare companies.

(Compiled by He Li)