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As part of the funding deal, 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, will join the company’s board of directors
Fremont, CA: Precision oncology company, Kinnate Biopharma Inc., raised USD 74.5 million in an oversubscribed Series B funding round participated by new investors OrbiMed, Nextech Invest Ltd., and Vida Ventures LLC, and existing investors Foresite Capital and Eshelman Ventures. The San Diego-based company focuses on the discovery and development of novel kinase inhibitors. Proceeds from the new funding round will be used towards advancing several development candidates from Kinnate's existing programs into the clinic, and to fund further research programs. The funding will also be used towards building the Kinnate team of world-class oncology drug developers in its headquarters in San Diego.
"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 Stephen Kaldor, Ph.D., co-founder, and CEO of Kinnate. The company plays a crucial role in the carcinogenesis and metastases of various types of cancer, and kinase inhibition is a proven approach to addressing cancer resistance. Kinnate's team has been developing a broad portfolio of programs targeting substantial patient populations.
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As part of the funding deal, 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, will join the company’s board of directors. “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,” said Eric Murphy, Ph.D., co-founder and CSO of Kinnate.
“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,” said Jim Tananbaum, M.D., founder and managing director of Foresite Capital. Kinnate focuses on the design and development of selective small molecules with the mission to provide the right drug to the right patient. Its team consists of oncology experts, each with decades of experience developing small molecule therapies.
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