Kinarus Therapeutics signs Agreement with ChaoDian (Hangzhou) Investment Management
Friday, May 12, 2023
Kinarus Therapeutics Holding announced the signing of a strategic convertible loan agreement for a CHF 1.5 million investment by ChaoDian (Hangzhou) Investment Management.
Under the terms of the loan agreement, CDIM grants a subordinated loan in the amount of CHF 1.5 million to Kinarus for a fixed term of three years without any interest. During the term of the agreement, the outstanding loan amount can be converted at any time into Kinarus shares with a nominal value of CHF 0.01 at a fixed conversion price of CHF 0.01 per Kinarus share.
Further, this agreement forms the basis for discussions on the introduction, development and commercialisation of KIN001 for the treatment of Idiopathic Pulmonary Fibrosis (IPF) in China. Great Health Companion Group Ltd (GHCG), a subsidiary of Hakim Unique Group, introduced CDIM to Kinarus. This partnership further validates the high potential value of KIN001 in IPF and other indications.
KIN001 is a patented combination of two active pharmaceutical ingredients (APIs): pamapimod and pioglitazone. Pamapimod is a highly selective clinical stage small molecule inhibitor of the p38 MAP kinase signaling pathway.
Kinarus has discovered that combining pamapimod with pioglitazone, a safe and well-tolerated marketed drug for the treatment of type 2 diabetes, leads to synergistic efficacy and increased duration of action in preclinical models of wet AMD, IPF and other autoimmune/inflammation indications.
