Kineta Raises $6M Through Registered Direct Offering Following Reverse Merger with Yumanity Therapeutics

Kineta Raises $6M Through Registered Direct Offering Following Reverse Merger with Yumanity Therapeutics

Seattle-based biotechnology company Kineta, Inc. has successfully raised $6 million through a registered direct offering, the company announced this week. This latest round of funding comes after Kineta went public in December 2021 via a reverse merger with Boston-based biotech firm Yumanity Therapeutics Inc.

Kineta focuses on developing novel immunotherapies for various diseases and conditions, including cancer and infectious diseases. Its proprietary drug development platform consists of innovative technology that aims to harness the immune system's power to target and eliminate harmful cells effectively.

Dr. Shawn Iadonato, CEO of Kineta, expressed optimism about the future prospects for the company following the successful fundraising effort: "The additional capital from this direct offering will help accelerate our ongoing research programs as we continue to develop transformative therapies for patients in need."

Yumanity Therapeutics is known for its work on discovering new treatments targeting neurodegenerative disorders such as Alzheimer's disease and Parkinson's disease. The reverse merger between these two companies last year enabled both firms to pool their resources and expertise in advancing groundbreaking therapeutics toward clinical trials.

James Ewing, Chief Financial Officer at Yumanity Therapeutics Inc., emphasized how crucial this strategic partnership is: "Joining forces with Kineta has allowed us to broaden our pipeline while maintaining focus on our core mission of addressing unmet needs in neurodegenerative diseases."

Investors who participated in the registered direct offering received common stock shares at a predetermined purchase price per share based on market value. Proceeds from this transaction are expected to fund continued research efforts at both companies as they seek regulatory approval for their innovative drug candidates.

Julia Michaels, an industry analyst specializing in biotechnology investments commented on the significance of this milestone: "This successful raise speaks volumes about investor confidence not only in Kineta's research capabilities but also in the potential synergies between Kineta and Yumanity Therapeutics. The combined efforts of these two companies could potentially bring forth novel therapeutics that may improve millions of lives."

As both Kineta and Yumanity Therapeutics continue to make strides toward finding effective treatments for some of the world's most pressing medical needs, this latest round of funding serves as a testament to their unwavering commitment and determination in achieving their shared goals.