Chinook Therapeutics Reports Third Quarter 2020 Financial Results and Provides Business Update
- Upon closing of the merger with Aduro on October 5th, Chinook had approximately $290 million in cash, cash equivalents and marketable securities to fund advancement of its pipeline of precision medicines for kidney diseases through the first half of 2023
- Company is on track to initiate the phase 3 ALIGN and phase 2 AFFINITY trials of atrasentan in early 2021, as well as a phase 1 clinical trial of CHK-336 in the second half of 2021
- Data expected from Part 3 of the ongoing phase 1 trial of BION-1301 in IgA Nephropathy (IgAN) patients in 2021
“With a strong cash position, broad pipeline and productive research and development engine,
- Closed the merger with
Aduro Biotech, Inc.on October 5th and began trading on the Nasdaq Global Select Market under the symbol “KDNY,” with approximately $290 millionin cash, cash equivalents and marketable securities.
- Completed a
$115 millionprivate placement financing with top-tier healthcare investors concurrent with the merger closing.
- Presented a preclinical poster at the
American Society of Nephrology (ASN) Kidney Week2020 Reimagined unveiling CHK-336, a first-in-class oral small molecule lactate dehydrogenase A (LDHA) inhibitor with the potential to treat all subtypes of primary hyperoxaluria (PH) and other disorders arising from excess oxalate.
- Presented additional information on Chinook’s emerging pipeline at ASN Kidney Week 2020 Reimagined, including:
° a poster presentation on the phase 3 ALIGN trial design for atrasentan, a potent, selective endothelin A receptor (ETA) antagonist,
° a poster presentation on healthy volunteer data from Part 1 (single ascending dose) and Part 2 (multiple ascending dose) of the ongoing phase 1 study of BION-1301, a novel anti-APRIL monoclonal antibody, and
° an oral presentation on a single cell transcriptomic atlas of human autosomal dominant polycystic kidney disease (ADPKD) through Chinook’s academic collaboration with the laboratory of
Benjamin Humphreys, M.D., Ph.D., Joseph Friedman Professorof Renal Diseases in Medicine and Chief of Nephrology at Washington University School of Medicinein St. Louis.
Anticipated Upcoming Catalysts
Chinookplans to begin enrollment of its phase 3 ALIGN trial (see www.clinicaltrials.gov, identifier NCT04573478) in early 2021 to assess the efficacy, safety and tolerability of atrasentan in IgAN patients at risk of progressive kidney function loss. Atrasentan has previously been evaluated in over 5,300 diabetic kidney disease (DKD) patients in studies that demonstrated clinically significant and sustained reductions in proteinuria, as well as reduced risk of kidney function decline, when administered on top of a maximally tolerated dose of a RAS inhibitor (RASi).
Chinookplans to begin enrollment of its phase 2 AFFINITY basket trial of atrasentan in the first half of 2021 to evaluate its therapeutic potential in multiple types of chronic kidney disease. Cohorts in the basket study include patients with: IgAN with proteinuria between 0.5 grams to less than one gram per day, focal segmental glomerular sclerosis (FSGS), Alport Syndrome and DKD in combination with SGLT2 inhibitors.
- Part 3 of Chinook’s phase 1 study of BION-1301 is currently enrolling adult patients with IgAN in an open-label setting and
Chinookexpects to present data in 2021. A phase 1 IV to subcutaneous (SC) bioavailability study in healthy volunteers is ongoing with the potential to transition to SC administration of BION-1301 in the long-term extension and phase 2 studies.
Chinookplans to begin enrollment of its phase 1 study of CHK-336 in the second half of 2021.
Unaudited financial statements for
Unaudited financial statements for
The audited financial statements for
Cautionary Note on Forward-Looking Statements
Certain of the statements made in this press release are forward looking, including those relating to Chinook’s business, future operations, advancement of its product candidates and product pipeline, clinical development of its product candidates, including expectations regarding timing of initiation and results of clinical trials. In some cases, you can identify these statements by forward-looking words such as “may,” “will,” “continue,” “anticipate,” “intend,” “could,” “project,” “expect” or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, whether results of early clinical trials or preclinical studies will be indicative of the results of future trials, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that may be more advanced or have greater resources than we do, our ability to obtain and adequately protect intellectual property rights for our product candidates and the effects of COVID-19 on our clinical programs and business operations. Many of these risks are described in greater detail in our filings with the
Source: Chinook Therapeutics, Inc.