Brief: Kinnate Biopharma Inc. Announces Pipeline Updates, Strategic Reprioritization And Workforce Restructuring

Kinnate Biopharma

18/09/2023 22:45

Kinnate Biopharma Inc  KNTE.O :
    * KINNATE BIOPHARMA INC. ANNOUNCES PIPELINE UPDATES,
STRATEGIC
REPRIORITIZATION AND WORKFORCE RESTRUCTURING
    * KINNATE BIOPHARMA INC - COMPANY WILL IMPLEMENT A WORKFORCE
RESTRUCTURING TO ALIGN WITH ITS REFINED FOCUS
    * KINNATE BIOPHARMA INC - CASH, CASH EQUIVALENTS AND
INVESTMENTS
OF $204.3 MILLION AS OF JUNE 30, 2023, ANTICIPATED TO FUND
OPERATIONS INTO AT LEAST Q2 OF 2026
    * KINNATE BIOPHARMA INC - PAUSED KIN-7136 MEK INHIBITOR
DEVELOPMENT AND IMPLEMENTING A WORKFORCE RESTRUCTURING, ALIGNED
WITH REPRIORITIZATION PLAN
    * KINNATE BIOPHARMA INC - EXPECTS TO FILE AN IND APPLICATION
FOR
KIN-8741 WITH U.S. FOOD AND DRUG ADMINISTRATION (FDA) IN Q4 OF
2023
    * KINNATE BIOPHARMA INC - ALSO TAKING RELATED MEASURES TO
REDUCE
OPERATING EXPENSES
    * KINNATE BIOPHARMA - WILL NOT PROCEED WITH FURTHER CLINICAL
DEVELOPMENT OF EXARAFENIB AS A MONOTHERAPY AGENT AND WILL
EXPLORE STRATEGIC ALTERNATIVES
    * KINNATE BIOPHARMA INC - WILL IMPLEMENT A CORPORATE
RESTRUCTURING
BY REDUCING COMPANY'S WORKFORCE BY APPROXIMATELY 70%
    * KINNATE BIOPHARMA INC - EXPECTS TO HAVE 28 REMAINING
FULL-TIME
EMPLOYEES
    * KINNATE BIOPHARMA INC -  WILL EXPLORE STRATEGIC
ALTERNATIVES FOR
THE KIN-3248 PROGRAM
    * KINNATE BIOPHARMA INC - WILL EXPLORE STRATEGIC
ALTERNATIVES FOR
KIN-3248 PROGRAM
    * KINNATE BIOPHARMA INC - ALSO TAKING RELATED MEASURES TO
REDUCE
OPERATING EXPENSES
    * KINNATE BIOPHARMA INC - BASED ON REPRIORITIZATION PLAN,
WILL NOT
INITIATE A CLINICAL TRIAL FOR KIN-7136 AT THIS TIME

Source text for Eikon:  ID:nGNX6KDyJf 
Further company coverage:  KNTE.O