Kinnate Biopharma Announces Closing of Initial Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares
Rhea-AI Summary
Kinnate Biopharma (Nasdaq: KNTE) announced the completion of its IPO, successfully offering 13,800,000 shares at $20.00 each, raising approximately $276.0 million gross proceeds. The offering included the full exercise of the underwriters' option for 1,800,000 additional shares. Shares commenced trading on the Nasdaq Global Select Market on December 3, 2020. Kinnate focuses on developing small molecule kinase inhibitors for challenging, genomically defined cancers, aiming to enhance targeted therapies for underserved patient populations.
Positive
- Raised approximately $276.0 million in gross proceeds from IPO.
- Successfully offered 13,800,000 shares, indicating strong investor interest.
- Focus on developing therapies for difficult-to-treat cancers enhances growth potential.
Negative
- None.
News Market Reaction – KNTE
On the day this news was published, KNTE declined 0.27%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN FRANCISCO and SAN DIEGO, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Kinnate Biopharma Inc. (Nasdaq: KNTE) (“Kinnate”), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, today announced the closing of its initial public offering of 13,800,000 shares of its common stock, which includes the exercise in full of the underwriters’ option to purchase 1,800,000 additional shares of its common stock, at a price to the public of
Goldman Sachs & Co. LLC, SVB Leerink LLC and Piper Sandler & Co. acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.
Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on December 2, 2020. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@svbleerink.com; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at (800) 747-3924, or by email at prospectus@psc.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.
About Kinnate Biopharma Inc.
Kinnate Biopharma is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Kinnate’s mission is to expand the reach of targeted therapeutics by developing products for underserved populations. Kinnate utilizes its deep expertise in structure-based drug discovery, translational research, and patient-driven precision medicine, which it refers to as the Kinnate Discovery Engine, to develop targeted therapies. Based in San Francisco and San Diego, California, the Kinnate team is composed of drug discovery experts supported by a distinguished group of scientific advisors.
For more information, please contact:
Investors:
investors@kinnate.com
Media:
Colin Sanford
colin@bioscribe.com
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