Business
ProKidney Corp. Reports Second Quarter 2022 Financial Results and Provides Business Update
Completed business combination with Social Capital Suvretta Holdings, III WINSTON-SALEM, N.C., Aug. 11, 2022 (GLOBE NEWSWIRE) -- ProKidney Corp. (formerly
About this update from Prokidney Corp.
[{"type":"text","content":"Completed business combination with Social Capital Suvretta Holdings, III\nWINSTON-SALEM, N.C., Aug. 11, 2022 (GLOBE NEWSWIRE) -- ProKidney Corp. (formerly Social Capital Suvretta Holdings Corp. III or “SCS”) (Nasdaq: PROK) (the “Company”), a leading late clinical-stage cellular therapeutics company focused on chronic kidney disease (CKD), today announced financial results of ProKidney LP (“ProKidney”) and its subsidiaries for the second quarter ended June 30, 2022 and provided an update on recent corporate developments. “During the first half of 2022, we continued to execute on our clinical and operational plan, positioning us well to achieve our near- and longer-term strategic objectives,” said Tim Bertram, Ph.D., Chief Executive Officer of ProKidney. “The funding received through the completion of SCS’ business combination with ProKidney in July will support the execution of our Phase 3 program evaluating REACT™ as a potential treatment for the millions of individuals who suffer from chronic kidney disease. I am extremely proud of all that our team has accomplished to date and look forward to the opportunities that lie ahead.” Recent Business Highlights ProKidney completed its previously announced business combination with SCS and commenced trading of the combined company’s Class A ordinary shares on the Nasdaq Capital Market under the ticker symbol “PROK.” As a result of the business combination, ProKidney received gross proceeds of $596.5 million, before transaction fees and related costs, which the Company believes will be sufficient to fund operations through data from its ongoing Phase 3 registrational program for REACT™ targeting diabetic CKD. All other financial and operating results in this release are for the business of ProKidney and its subsidiaries and do not give effect to the closing of the business combination, which occurred on July 11, 2022 (after the close of the quarter ended June 30, 2022).We continue to enroll subjects in the U.S. Phase 3 study (REGEN-006) to assess the efficacy of up to two REACT™ injections, given three months apart, and delivered once into each kidney.Expanded target enrollment for REGEN-007 from 30 subjects to up to 50 subjects. REGEN-007 is an ongoing, prospective, randomized, open-label, repeat dose, double-arm, controlled safety and efficacy study of REACT™ in subjects with type 1 ...