ProKidney Corp up on deal to buy manufacturing plant in Greensboro

Prokidney

13/06/2023 17:44

** Shares of ProKidney Corp  PROK.O  up 3.9% at $12.3 
    ** Co reports agreement to purchase a facility and about 22
acres of land in Greensboro, NC, for about $25.5 mln in cash 
    ** With the purchase, co plans to support future commercial
manufacturing needs for its cell therapy 
    ** PROK's cell therapy is currently in late-stage
development to treat diabetic chronic kidney disease (CKD) 
    ** The transaction is expected to close by the end of June
2023 
    ** Co plans to make investments in the facility through 2028
to prepare for potential commercial-scale manufacturing
    ** An incentive package has also been approved under the
agreement, making PROK eligible to receive up to $13.3 mln in
tax credits, subject to certain milestones
    ** Including session's gain, stock up 79.7% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))