Business
Kymera Therapeutics Announces Third Quarter 2020 Financial Results and Provides Business Update
Well positioned to advance a leading pipeline of targeted protein degradation medicines with recent completion of upsized initial public offering and
About this update from Kymera Therapeutics, Inc.
[{"type":"text","content":"Well positioned to advance a leading pipeline of targeted protein degradation medicines with recent completion of upsized initial public offering and strategic collaboration with Sanofi\n Reported positive interim results from non-interventional study of KT-474 (IRAK4 degrader) in HS patients and declared KT-413 (IRAKIMiD degrader) as a development candidate and initiated IND enabling activities WATERTOWN, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a biopharmaceutical company advancing targeted protein degradation to deliver novel small molecule protein degrader therapeutics, today reported financial results for the third quarter ended September 30, 2020 and provided a business update. “Kymera has made significant progress since the company was founded just over four years ago,” commented Nello Mainolfi, co-founder, president and CEO of Kymera. “Our investment in our Pegasus™ discovery engine is delivering a unique pipeline of potential first-in-class protein degrader medicines allowing us to address diseases in a completely novel way. Rather than inhibiting protein function we are leveraging the body’s natural recycling machinery to degrade disease-causing proteins. We have made great strides to accelerate the path to becoming a fully integrated biotech, including establishing strategic partnerships with Sanofi and Vertex Pharmaceuticals that further extend the potential impact of our protein degrader therapies to even more patients and diseases. With a successful IPO completed, our cash runway extends into 2025. We are well positioned to advance multiple programs in oncology and immune-inflammatory diseases, with our first program expected to enter the clinic in the first half of 2021.” Quarterly Highlights Completed initial public offering (IPO). In August 2020, Kymera closed an upsized IPO of 9,987,520 of its common shares, including the exercise in full of the underwriters’ option to purchase an additional 1,302,720 common shares, at a public offering price of $20.00 per share. Concurrent with the IPO, Kymera announced the sale of 676,354 common shares at the public offering price per share in a private placement to Vertex Pharmaceuticals Incorporated, an existing investor. Total gross proceeds to Kymera, before deducting underwriting commissions and offering expenses, were approximat...