Unum uses private placement to advance acquired asset

US biopharma Unum Therapeutics (Nasdaq: UMRX) has completed the acquisition of Kiq, a privately-held biotech focused on the discovery and development of precision kinase inhibitors.

At the same time, Unum entered into a definitive agreement for the sale of Series A non-voting convertible preferred stock in a private placement to a group of institutional accredited investors.

The private placement is expected to result in gross proceeds to Unum of approximately $104.4 million, and will be used to advance clinical testing of PLX9486, a highly potent and selective KIT D816V inhibitor, in multiple indications, and provide runway beyond 2022.