Aduro Biotech has announced the approval of its merger with Chinook Therapeutics by stockholders at a Special Meeting on October 1, 2020. The merger proposals received approximately 55.17 million votes in favor. Following the approval, a one-for-five reverse stock split will take effect on October 2, 2020, with common stock trading on a split-adjusted basis. The merger's closing is expected around October 5, 2020. Post-merger, Aduro will be renamed Chinook Therapeutics and trade under the symbol 'KDNY.'
Aduro Biotech, Inc. (NASDAQ: ADRO) reported its Q2 2020 financial results and business updates, including a merger with Chinook Therapeutics. The company dosed its first IgAN patient with BION-1301 and reported positive data from earlier study phases, showcasing durability and target engagement. Financially, cash totaled $186.1 million, down from $213.6 million at year-end. Q2 revenue rose to $5.6 million, versus $4.9 million in Q2 2019. However, the net loss was $16.6 million, improved from the prior year's loss of $18.6 million, aided by an income tax benefit from the CARES Act.
Aduro Biotech (NASDAQ: ADRO) announced the dosing of the first patient with IgA nephropathy in a Phase 1 clinical trial of BION-1301, a humanized IgG4 monoclonal antibody. This trial aims to assess the safety and tolerability of BION-1301 in patients, following positive results in healthy volunteers, where it showed over 90% target engagement and a half-life of approximately 33 days. The trial will evaluate two cohorts, with one receiving a 450 mg intravenous dose every two weeks. Aduro is optimistic about replicating these results in patients, marking a significant milestone in its clinical development.
Aduro Biotech, Inc. (NASDAQ: ADRO) has presented data from its ongoing Phase 1 study of BION-1301 for treating IgA nephropathy at the ERA-EDTA Congress. The study involved 63 healthy volunteers receiving varying doses. Key findings indicate that BION-1301 was well-tolerated without serious adverse events. It demonstrated a generally dose-proportional pharmacokinetic profile with a half-life of 33 days, suggesting potential for monthly dosing. The drug effectively reduced IgA and IgM levels while maintaining normal IgG levels. Ongoing studies aim to explore additional biomarkers.
Aduro Biotech is set to acquire Chinook Therapeutics, creating a new entity focused on kidney diseases under the name Chinook Therapeutics. The merger will see Aduro shareholders hold approximately 50% of the combined company, with an expected cash position of around $200 million at closing, bolstered by an additional $25 million investment from Chinook's existing investors. The combined pipeline will include Atrasentan and BION-1301, targeting IgA nephropathy. A range of clinical and regulatory milestones are planned over the next 12-18 months.
Aduro Biotech, Inc. (NASDAQ: ADRO) provided a business update and financial results for Q1 2020. The company ended the quarter with a cash position of $205.9 million, allowing continued support for its STING and APRIL programs through 2023. Revenue rose to $14.0 million, primarily due to a $10.0 million milestone payment from Merck. The net loss decreased to $7.6 million or $0.09 per share, compared to the prior year's loss of $23.4 million. However, delays in clinical trial activities are expected due to the COVID-19 pandemic.