SEATTLE, June 29, 2023 — Kineta, Inc. (Nasdaq: KA), a clinical-stage biotechnology company focused on the development of novel immunotherapies in oncology that address cancer immune resistance, announced today the achievement of a development milestone which triggers a $5 million payment from its research and development collaboration with Merck (known as MSD outside the United States and Canada). This collaboration, focused on the discovery and development of novel candidates for the treatment of amyotrophic lateral sclerosis (ALS), originated from an agreement between Yumanity Therapeutics and Merck.
“We are proud to achieve this milestone in our collaboration with Merck,” said Shawn Iadonato, Ph.D., Chief Executive Officer of Kineta. “This milestone payment also strengthens our financial position and allows the company to continue to focus on the clinical development of our core immuno-oncology assets.”
Following this milestone, Merck will assume sole responsibility for all future development and commercialization of the ALS program. Under the collaboration and license agreement, Kineta is eligible to receive additional milestone payments totaling up to $255 million associated with the successful development of marketed products for pipeline programs, as well as royalties on worldwide net sales.