Business
Kymera Therapeutics Announces Third Quarter 2022 Financial Results and Provides a Business Update
Completed patient cohort portion (Part C) of the IRAK4 degrader KT-474 Phase 1 trial Patient data from KT-474 and clinical oncology pipeline to be presented
About this update from Kymera Therapeutics, Inc.
[{"type":"text","content":"Completed patient cohort portion (Part C) of the IRAK4 degrader KT-474 Phase 1 trial Patient data from KT-474 and clinical oncology pipeline to be presented in December, 2022 Raised $150 million through private placement equity financing; September 30, 2022, cash balance of $596 million Company to hold quarterly results call at 8:30 a.m. EST (800-715-9871) WATERTOWN, Mass., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing targeted protein degradation to deliver novel small molecule protein degrader medicines, today reported business highlights and financial results for the third quarter ended September 30, 2022. “We’ve made important progress with our three clinical stage programs, recently completing the patient cohort of our KT-474 Phase 1 clinical trial, the first study of a degrader in patients with hidradenitis suppurativa and atopic dermatitis, and actively recruiting for our two clinical stage oncology programs, KT-333 and KT-413. We look forward to gaining insights into the potential clinical impact that our unique approach to targeted protein degradation can have on patients, and to sharing updates on our clinical programs in December,” said Nello Mainolfi, PhD, Co-Founder, President and CEO. “Looking ahead, the timing of our IND for KT-253, a highly potent MDM2 degrader, remains on track. Additionally, our recent financing will enable us to continue to invest in our clinical programs and discovery pipeline while maintaining a strong cash runway and enabling our vision to build a global, fully integrated biopharma company.” Business Highlights and Recent Developments In August, the company announced a $150 million private placement equity financing led by a US-based, healthcare-focused fund, and by Biotechnology Value Fund (BVF), with participation from Avoro Capital Advisors, EcoR1 Capital, Redmile Group, Rock Springs Capital and funds and accounts advised by T. Rowe Price Associates, Inc. The financing closed on August 22, 2022, and the proceeds from the financing will be used to support Kymera’s ongoing research and development activities as well as general corporate purposes and working capital.In September, KT-333, Kymera’s STAT3 degrader in development for relapsed and/or refractory lymphomas and solid tumors, was granted its second or...