Global Oil Traders Fuel Kineta's Drug Pipeline
Hydra, LLC, Investment Group Announces Move into Biotech
Kineta, Inc., a biotechnology company focused on the development of novel immune-modulating drugs for critical disease areas, and Hydra, LLC, today announced the completion of a major investment to add funding to Kineta's clinical-stage drug programs. The investment is directed at Kineta's two lead drug programs - ShK-186, a novel immune-sparing targeted therapeutic focused on autoimmune diseases, and rOAS, a novel pan-viral therapeutic aimed at an array of high-priority contagious pathogens for which there are few effective therapies.
"We are genuinely impressed with Kineta's leadership and laser-focus on delivering high-caliber R&D to larger global pharmaceutical companies. This is a nimble organization with a track record of development success. Kineta has created a unique, cost-efficient and rational way to move early-stage drug programs into human subjects with a focus on rapidly delivering liquidity. All of these factors went into our investment decision," explained Jamie Browne, a managing director of Hydra, LLC.
Mr. Browne co-leads Hydra, LLC, along with Ken Backes. Hydra is comprised of 13 recently retired Glencore Ltd. (GLEN.L: London) traders. Each Hydra member has committed considerable capital to the new private equity partnership. Hydra is focused on diversified opportunities, including choosing to provide Kineta, Inc., significant funding to make major clinical advancements in two drug development programs.
"Kineta is very pleased to welcome Hydra as a major investor into our clinical-stage programs. This is a team of highly astute investors with broad appreciation for underlying market forces across economic sectors. Their investment is a tremendous vote of confidence for the Kineta model and will enable us to advance our clinical work for two very promising drug candidates," said Kineta, Inc., President and CEO Charles Magness, Ph.D.
Kineta's lead program, Shk-186, recently completed phase one studies, successfully positioning it for multiple development pathways for autoimmune diseases. Kineta's second program, rOAS, is scheduled to enter first-in-human clinical trials later this year. Kineta's pipeline also contains three additional drug and vaccine adjuvant programs; all have novel mechanisms of action and are aimed at large, global unmet medical needs. Kineta has raised more than $46M since 2008 through grants and private investment. Kineta's chief business goal is to partner or license clinically validated assets that have achieved pre-specified development milestones to pharmaceutical companies for further clinical development.
For more information on today's announcement, contact Dan Eramian, Senior Vice President of Corporate Communications, 206-378-0400 or 425-306-8716; [email protected].
Kineta, Inc., is a Seattle-based privately held biotechnology company specializing in clinical advancement of novel drug candidates derived from leading-edge scientific research. Our world-class development team is comprised of pioneers developing life-changing classes of new drugs designed to be more effective and safer than current medicines. Kineta seeks to improve the lives of millions of people suffering from autoimmune and viral diseases and from severe pain. Our progressive business model focuses on targeting unmet medical needs and rapid achievement of important clinical milestones. For more information on Kineta, Inc., visit our website, www.Kinetabio.com.
Hydra, LLC, is a limited partnership formed in 2012 by 13 recently retired oil traders who gained global prominence with Glencore Ltd. (GLEN.L: London). The group seeks investments in companies with clear and focused growth strategies, sustainable and differentiated market advantages and entities managed by high-caliber proven leadership teams. Hydra is building a portfolio of investments representing diverse sectors and spanning both public and private markets.
NOTICE: This document contains certain forward-looking statements, including, without limitation, statements regarding Kineta's plans for clinical studies. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties inherent in Kineta's business which could significantly affect expected results, including, without limitation, progress of drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, and legislative, fiscal, and other regulatory measures. All forward-looking statements are qualified in their entirety by this cautionary statement, and Kineta undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release. Glencore Ltd. and its affiliated entities have not invested in, nor are they affiliated with, either Kineta, Inc., or with Hydra, LLC.
Dan Eramian, 206-378-0400 or 425-306-8716
Senior Vice President of Corporate Communications