Business
Unum Therapeutics Inc. Announces Acquisition of Kiq LLC
Acquisition includes lead clinical-stage compound PLX9486, a potent and selective KIT D816V inhibitor Company positioned to advance best-in-class precision
About this update from Cogent Biosciences, Inc.
[{"type":"text","content":"Acquisition includes lead clinical-stage compound PLX9486, a potent and selective KIT D816V inhibitor\n Company positioned to advance best-in-class precision kinase inhibitors\n Proceeds of $104.4 million to be used to advance clinical testing in mastocytosis and GIST\n Conference call today at 10:30 a.m. EDT\n\n\nCAMBRIDGE, Mass. and PHILADELPHIA, July 6, 2020 /PRNewswire/ -- Unum Therapeutics Inc. (\"Unum\") (NASDAQ: UMRX), a biopharmaceutical company focused on developing therapies for solid tumors, today announced it has completed the acquisition of Kiq LLC (\"Kiq\"), a privately held, biotechnology company focused on the discovery and development of precision kinase inhibitors. Concurrent with the acquisition of Kiq, Unum entered into a definitive agreement for the sale of Series A non-voting convertible Preferred Stock (the \"Series A Preferred Stock\") in a private placement to a group of institutional accredited investors led by Fairmount Funds Management LLC (\"Fairmount Funds\"), with participation from Venrock Healthcare Capital Partners, BVF Partners L.P., Atlas Venture, Acorn Bioventures, Perceptive Advisor's LLC, RTW Investments, OrbiMed, Samsara BioCapital, Logos Capital, Ally Bridge Group and Commodore Capital, as well as additional undisclosed institutional investors. The private placement is expected to result in gross proceeds to Unum of approximately $104.4 million before deducting placement agent and other offering expenses. The proceeds from the private placement will be used to advance clinical testing of PLX9486, a highly potent and selective KIT D816V inhibitor, in multiple indications and provide runway beyond 2022. \n\n \n \n \n \n \n \n\n \nPLX9486 will be studied as a monotherapy in patients with Advanced Systemic Mastocytosis (ASM) and Indolent Systemic Mastocytosis (ISM), with the goal of demonstrating a best-in-class clinical profile. The therapy has demonstrated promising clinical activity in a Phase 1/2 trial in patients with Gastrointestinal Stromal Tumors (GIST). In a cohort of eighteen 2L+ GIST patients dosed with PLX9486 in combination with sunitinib, median progression free survival (PFS) was eleven months. Additional details from this study are planned for presentation at an upcoming medical meeting. \nWorldwide rights to develop and commercialize PLX9486 were exclusively licensed by Kiq f...