1. Scrip
  2. >>Business

Kronos Bio Doubles Its Cash With $155m Financing

Funding Will Back Clinical Trials For Two Lead Assets

 
• By Mandy Jackson

The cancer drug developer led by former Gilead R&D head Norbert Bischofberger will start a registrational trial for its recently acquired SYK inhibitor and the first trial for its CDK9 inhibitor.

SC2008_Different Wages_253900027_1200.jpg
Kronos more than doubled the $123m it raised previously • Source: Shutterstock

Former Gilead Sciences, Inc. research and development leader Norbert Bischofberger joined Kronos Bio, Inc. in 2018 as CEO and an investor to develop novel cancer drugs, but has brought additional expertise and drug candidates from the big biopharmaceutical company over to the start-up since then. Now, with $155m in new private financing, Kronos will begin its first clinical trials, including a registrational Phase II/III trial for a spleen tyrosine kinase (SYK) inhibitor the company acquired from Gilead in July.

San Mateo, CA-based Kronos has raised $278m to date, including the new financing announced on 24 August, a $105m series A round in July 2019 and $18m in seed financing revealed in May 2018 when Bischofberger joined and invested in the start-up. The latest round of financing is structured as a sale of convertible notes with $148m in proceeds initially and another $7m by mid-September

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Financing

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

HAYA Raises $65m To Take First Long Non-Coding RNA Program Into The Clinic

 
• By Mandy Jackson

HTX-001 targeting the long non-coding RNA known as Wisper is being developed for non-obstructive hypertrophic cardiomyopathy. HAYA partnered with Lilly last year in obesity.

Sanofi R&D Head’s Words Of Wisdom For Biotechs

 
• By Kevin Grogan

Houman Ashrafian tells delegates at Swiss Biotech Day that ‘literally only two things matter in our industry – target credentialing and differentiated pharmacology. The rest is execution.’

Switzerland Biopharma To Stay Strong Despite More Cash Going To US And China

 
• By Kevin Grogan

The sector is continuing to show resilience despite financial and market challenges.

More from Business

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

Pharma Left Hanging After US/UK Trade Pact

 
• By Kevin Grogan

An ‘historic economic prosperity deal’ does not include the sector.

Viatris Will File ‘Fast-Acting’ Meloxicam For FDA Approval This Year

 
• By Joseph Haas

Seven years after acquiring it, Viatris will seek approval of a meloxicam formulation for acute pain backed by data from two Phase III studies in post-surgical pain settings.