Business
Unum Therapeutics Reports Second Quarter 2020 Financial Results and Provides Corporate Updates
Completed acquisition of Kiq, including lead clinical-stage compound PLX9486, a potent and selective KIT D816V inhibitor Company positioned to advance
About this update from Cogent Biosciences, Inc.
[{"type":"text","content":"Completed acquisition of Kiq, including lead clinical-stage compound PLX9486, a potent and selective KIT D816V inhibitor\n Company positioned to advance best-in-class precision kinase inhibitors\n Advancing clinical trials in Systemic Mastocytosis and Gastrointestinal Stromal Tumors ('GIST')\n\n\nCAMBRIDGE, Mass., Aug. 11, 2020 /PRNewswire/ -- Unum Therapeutics Inc. (Nasdaq: UMRX), a biopharmaceutical company focused on developing novel, best-in-class precision kinase inhibitors for a range of patients living with cancer and other unmet medical needs, today announced financial results for the second quarter ended June 30, 2020 and provided corporate updates.\n\n \n \n \n \n \n \n\n \n\"With the recent acquisition of Kiq, Unum's focus on PLX9486 creates an exciting opportunity as we advance development of novel precision kinase inhibitors to treat patients with cancer and a range of other diseases with limited safe and effective treatment options,\" said Chuck Wilson, Ph.D., President and CEO of Unum. \"PLX9486 is a highly potent and selective KIT D816V inhibitor that has demonstrated promising clinical data, and we believe has significant potential to transform the management of serious diseases in many individuals. With PLX9486 as a cornerstone, we believe our team at Unum is poised to build a pipeline of best-in-class, precision kinase inhibitors.\"\nRecent Program and Corporate Highlights\nAnnounced completed acquisition of Kiq LLC: In July 2020, Unum announced the completed acquisition of Kiq LLC, a privately held biotechnology company focused on the discovery and development of precision kinase inhibitors. The acquisition was further financed by a private placement resulting in gross proceeds to Unum of approximately $104.4 million before deducting placement agent and other offering expenses. The private placement was led by Fairmount Funds Management LLC, 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. Unum believes the acquisition of Kiq represents a high potential value creation opportunity for shareholders and creates a promising path forward. The Company continues to pur...