Kinarus Therapeutics Holding AG / Key word(s): Funds/Partnership
25-Aug-2023 / 18:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 LR
The financial consideration is immediately available to Kinarus and was required to ensure liquidity while Kinarus awaits transfer of funds from a convertible loan investment made by ChaoDian (Hangzhou) Investment Management Co (CDIM) made in May 2023. In exchange, the group of shareholders received an exclusive license to develop KIN001 to treat IPF; Kinarus is eligible to receive milestones and royalties, as is customary in biopharmaceutical licensing agreements.
Dr Hari Kumar, Chairman of the Board of Kinarus Therapeutics Holding AG, commented: “We view this licensing agreement as a temporary solution and a necessary step to ensure liquidity for an additional period of time pending transfer of funds from the convertible loan agreement signed by CDIM in May 2023. Kinarus retained the right to repurchase the license. As communicated previously, there are customary bureaucratic and regulatory processes that need to be respected when Chinese groups invest abroad. Based on CDIM’s continued assurances, we still expect the transfer of funds from CDIM to happen within a reasonable period, justifying this solution.”
Kinarus Therapeutics Holding AG (www.kinarus.com) was founded in 2017 by experienced pharmaceutical executives in Basel, Switzerland. The Kinarus team utilizes its knowledge and drug development competencies to in-license and develop mid-stage clinical assets in which they have identified an increased probability of clinical and regulatory success and a rapid path to market. Kinarus possesses the exclusive worldwide license to pamapimod, covering all indications, and has patented KIN001, its novel mechanism in combination with pioglitazone.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL NOR AN INTIMATION TO SUBMIT A PROPOSAL FOR THE ACQUISITION OF SECURITIES OF KINARUS THERAPEUTICS HOLDING AG. THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN ANY JURISDICTION WHERE IT IS UNLAWFUL TO BE DISTRIBUTED.
End of Inside Information