Kronos Bio Announces $155 Million Private Financing
San Mateo, Calif., and Cambridge, Mass., August 24, 2020 – Kronos Bio, Inc., a private clinical-stage biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics designed to transform patient outcomes through a precision medicine strategy by targeting dysregulated transcription, today announced a private financing of approximately $155 million of convertible notes, with $148 million in funding received to date and the remaining $7 million to be funded by mid-September pursuant to binding commitments. The financing was led by Perceptive Advisors and included funds and accounts managed by BlackRock, Inc., funds affiliated with Casdin Partners, Commodore Capital, EcoR1 Capital, Fidelity Management and Research Company, Surveyor Capital (a Citadel company), funds and accounts advised by T. Rowe Price Associates, Inc., Woodline Partners, and a large diversified asset manager on the west coast, as well as existing investors including GV (formerly Google Ventures), Invus, Nextech Invest, Omega Funds, Polaris Partners, and Vida Ventures, LLC.
“We appreciate the strong support from this group of investors and believe this capital will help propel Kronos through our upcoming period of clinical development,” said Norbert Bischofberger, Ph.D., President and Chief Executive Officer of Kronos. “Importantly, this capital will help advance our lead spleen tyrosine kinase (SYK) inhibitor, which we recently acquired from Gilead, including potentially into a registrational trial in 2021. It will also help us advance our second lead pipeline candidate, KB-0742, a differentiated CDK9 inhibitor, into a Phase 1/2 clinical trial for treatment of MYC-amplified solid tumors, as well as to further invest in our product discovery engine to drive multiple oncology programs targeting dysregulated transcription factors.”
Jefferies LLC acted as the sole placement agent for the financing.
About Kronos Bio, Inc.
Kronos Bio, Inc. is a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics designed to transform patient outcomes by targeting dysregulated transcription.
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Dr Yasir Al-Wakeel
CFO & Head of Corporate Development