Chinook Therapeutics Secures $65 Million Series A Financing to Advance Precision Medicines for Kidney Diseases

On August 22, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company Chinook Therapeutics announced the completion of a $65 million Series A financing round. The proceeds from this round will be used to discover and develop precision medicines for kidney diseases and to fund clinical trials for several renal disease projects in 2021. The round was led by Versant Ventures, with participation from Apple Tree Partners and Samsara BioCapital.

Chinook Therapeutics, established in 2019 and headquartered in Vancouver, Canada, is a biotechnology company dedicated to the development of precision medicines for kidney diseases. Leveraging its proprietary R&D platform, which integrates single-cell RNA sequencing, human-derived organoids, and novel translational models, Chinook Therapeutics is discovering and developing therapies with novel mechanisms of action for renal disorders. The company’s lead candidates focus on rare, severe conditions with well-defined and accelerated clinical development pathways. These programs also hold potential for treating common kidney diseases, thereby expanding the addressable patient population.

Chinook Therapeutics was incubated in Vancouver by Versant Ventures and co-led by Versant Ventures and Apple Tree Partners. This world-class discovery and research team, with a proven track record in drug development, integrates expertise in chemistry, biology, and pharmacology to expand its pipeline of precision medicines for the treatment of kidney diseases.

Chinook Therapeutics is led by an experienced management team with a proven track record in drug development and corporate leadership. Eric Dobmeier currently serves as President and Chief Executive Officer of Chinook Therapeutics. A leader with nearly 20 years of industry experience, Mr. Dobmeier previously spent more than 15 years at Seattle Genetics, where he spearheaded the launch of its first product, the lymphoma drug ADCETRIS (brentuximab vedotin), and helped transform the company into a commercial-stage biotechnology enterprise valued at over $10 billion.

Andrew King, DVM, Ph.D., is the Head of Kidney Discovery and Translational Medicine at Chinook Therapeutics. He has been engaged in drug research and development in the field of kidney disease for over 10 years. Prior to joining Chinook Therapeutics, Dr. King was the Senior Director of Discovery and Translational Biology at Ardelyx.

Tom Frohlich is the Chief Business Officer of Chinook Therapeutics and a seasoned business executive. Prior to joining Chinook Therapeutics, Mr. Frohlich served as Vice President of Business Development at Arbutus Biopharma, and he has held various roles at Johnson & Johnson and Merck, where he was responsible for leading commercial strategy across all stages of product development.

“Kidney disease is an increasingly serious global problem. Due to the lack of effective treatments, patients often require dialysis and transplantation, resulting in high medical costs,” said Eric Dobmeier, President and Chief Executive Officer of Chinook Therapeutics. “Currently, drug development for kidney diseases is experiencing a resurgence, creating opportunities for Chinook Therapeutics to develop a portfolio of precision medicines for kidney disease.”

Versant Ventures, founded in 1999 and headquartered in California, USA, is a healthcare investment firm. The company is dedicated to investing in healthcare companies at various stages of development, with a focus on the discovery and development of novel therapies. Versant manages $2.3 billion in assets and maintains offices in Canada, the United States, and Europe.

Apple Tree Partners, established in 1999 and headquartered in New York, USA, is a venture capital firm. The company is actively investing through its fourth fund, which has $1.5 billion in assets under management. Apple Tree Partners is dedicated to investing in medical device companies across all stages, from discovery research to commercialization.

Samsara BioCapital, established in 2016 and headquartered in California, USA, is a novel biotechnology investment fund. Currently, the firm manages approximately $410 million in assets.

(Compiled by Cheng Tao)