- Kinnate Biopharma, a precision oncology company focused on the discovery and development of novel kinase inhibitors, announced it raised $74.5 million
Kinnate Biopharma — a precision oncology company focused on the discovery and development of novel kinase inhibitors — announced it has raised $74.5 million in an oversubscribed Series B financing. New investors OrbiMed, Nextech Invest Ltd., and Vida Ventures LLC also joined the round along with existing investors Foresite Capital and Eshelman Ventures.
Kinases is known for playing a crucial role in the carcinogenesis and metastases of various types of cancer and kinase inhibition is a proven approach to addressing cancer resistance. And the Kinnate team has been developing a broad portfolio of programs targeting substantial patient populations.
“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 Steve Kaldor, Ph.D., co-founder and CEO of Kinnate.
This round of funding will be used to advance several development candidates from Kinnate’s existing programs into the clinic, and to fund new research programs. And the funding will also be used to build out the Kinnate team of world-class oncology drug developers in its headquarters in San Diego.
“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,” added Eric Murphy, Ph.D., co-founder and CSO of Kinnate.
In conjunction with the funding round, 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, are joining 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,” commented Jim Tananbaum, M.D., founder and managing director of Foresite Capital.
Kinnate has a goal of designing and developing selective small molecules with the mission to provide the right drug to the right patient.
“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,” commented Dr. Gordon of OrbiMed.