Kineta to get $5 mln milestone payment from Merck, shares rise

Kineta

29/06/2023 15:20

** Shares of Kineta Inc  KA.O  rise 9.3% to $2.48
    ** Biotech firm to receive $5 million after hitting a
development milestone from its research and development
collaboration with Merck  MRK.N  
    ** The collaboration is focused on the discovery and
development of novel candidates for the treatment of amyotrophic
lateral sclerosis (ALS), a rare neurological disease 
    ** Following this milestone, Merck will assume sole
responsibility for all future development and
commercialization of the ALS program
    ** Under the deal, Kineta is eligible to get additional
milestone payments totaling up to $255 million 
    ** As of March 31, Kineta had $9.2 million in cash
    ** KA stock down ~58% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))