Kinarus Therapeutics Group Reports 2022 Annual Results
Basel, Switzerland, 31 May 2023. Kinarus Therapeutics Holding AG (SIX: KNRS) (“Kinarus”), a clinical-stage biopharmaceutical company developing novel therapeutics to treat viral, respiratory, and ophthalmic diseases, today published the Annual Report with full year audited consolidated financial results for the year ended 31 December 2022.
The reporting of audited financial results follows the announcement of the unaudited key financial figures published on 5 May 2023. On 28 April 2023, Kinarus announced that the SIX Exchange Regulation ("SER") approved a deadline extension until the end of May 2023 for the publication of the Kinarus’ 2022 annual report and asked Kinarus to report unaudited key financial figures for the year ended 31 December 2022.
The evolution of the COVID-19 crisis from pandemic to endemic, necessitated re-focusing Kinarus’ efforts on advancing development of its lead product, KIN001, for the treatment of idiopathic pulmonary fibrosis (IPF) and wet age-related macular degeneration (wet AMD).
The completion of the Reverse Takeover in early June 2022 allowed Kinarus to access new tools for financing, such as an agreement for a CHF 20 million financing facility with Yorkville Advisors in August 2022 from which Kinarus can draw down funds opportunistically, subject to certain conditions.
However, cash for operations has remained lower than required to initiate IPF and wet AMD clinical trials. To this end, Kinarus engaged Great Health Companion Group Ltd., to explore financing and partnering options for KIN001 in China. The recent signing of a CHF 1.5 million convertible loan agreement with ChaoDian (Hangzhou) Investment Management (“CDIM”) earlier in May 2023, proceeds of which are still to be received, will afford Kinarus time to potentially establish a collaboration with Chinese pharma partners for the introduction, development and commercialisation of KIN001 for treating IPF patients in China. Separately, Kinarus is actively working with other third parties to explore business opportunities globally for KIN001, which may include licensing or other corporate actions.
Full Year 2022 Consolidated Financial Results
Kinarus Therapeutics Holding AG (www.kinarus.com) was founded in 2017 by experienced pharmaceutical executives in Basel, Switzerland. The Kinarus team utilizes its knowledge and drug development competencies to in-license and develop mid-stage clinical assets in which they have identified an increased probability of clinical and regulatory success and a rapid path to market. Kinarus possesses the exclusive worldwide license to pamapimod, covering all indications, and has patented KIN001, its novel mechanism in combination with pioglitazone.
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