Kinarus secures CHF 57 million

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16.09.2021
Alternative investment group Global Emerging Markets based in Luxemburg has entered an agreement with Swiss clinical-stage startup Kinarus for a CHF 57 million capital commitment. The funds will flow into the clinical phase II portfolio of KIN001 in multiple indications.

Kinarus is focused on bringing differentiated treatments to patients suffering from viral, respiratory, or ophthalmic diseases. The company’s patented therapeutic candidate KIN001 has broad potential to transform numerous therapeutic areas including Covid-19 for which it enrolled and dosed the first patient in the Phase 2 KINETIC trial of KIN001 in COVID-19 hospitalized patients in April this year.

Moving forward, the Basel based startup has signed an agreement with GEM Global Yield LLC SCS (GEM), a Luxembourg-based private, alternative investment group. Under the agreement, GEM commits to providing Kinarus with a share subscription facility of up to CHF 57 million for a 36-month term following the public listing of Kinarus’ shares. Kinarus will always control the timing and, within certain limits, the amount of each individual drawdown under this facility. Concurrent with a public listing of Kinarus after the planned reverse takeover with Perfect Holding, the company will issue warrants to GEM to purchase shares of Kinarus.

Subject to the listing occurring, the proceeds from this financing will be used to progress Kinarus’ clinical development portfolio. Prior to listing, a Series B financing round is currently underway to support the ongoing Phase 2 clinical trial of KIN001 in Covid-19 and the initiation of an additional Phase 2 trial in Age-Related wet Macular Degeneration.

“After completion of the reverse takeover with Perfect Holding, these funds will help us to broaden the clinical phase 2 portfolio of KIN001 in additional indications of high medical need”, said Alexander Bausch, CEO of Kinarus.

(RAN)

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