Kinnate Biopharma, a preclinical biotech developing targeted kinase inhibitors for difficult-to-treat cancers, raised the proposed deal size for its upcoming IPO on Wednesday.
The San Diego, CA-based company now plans to raise $213 million by offering 11.5 million shares at a price range of $18 to $19. The company had previously filed to offer 10 million shares at a range of $16 to $18. At the midpoint of the revised range, Kinnate Biopharma will raise 25% more in proceeds than previously anticipated.
Kinnate is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Its lead candidate, KIN002787, is a Rapidly Accelerated Fibrosarcoma (RAF) inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors. The company expects to file an IND for KIN002787 in the 1H21.
Kinnate Biopharma was founded in 2018 and plans to list on the Nasdaq under the symbol KNTE. Goldman Sachs, SVB Leerink and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of November 30, 2020.
