Kineta leaps on news of VISTA blocking antibody deal with TuHURA
US clinical-stage biotech Kineta (Nasdaq: KA) saw its shares rise almost 30% to $0.79 in pre-market activity, on news that it has entered into an exclusivity and right of first offer agreement with TuHURA Biosciences, a Phase III registration-stage immune-oncology company developing novel technologies to overcome resistance to cancer immunotherapy.
Under the accord, among other things, Kineta has granted TuHURA an exclusive right to acquire worldwide patents, patent rights, patent applications, product and development program assets, technical and business information, and other rights and assets associated with and derived from Kineta’s development program related to KVA12123, the company’s VISTA blocking immunotherapy.
TuHURA will pay Kineta a $5 million non-refundable payment. with $2.5 million paid at signing and, subject to certain provisions, an additional $2.5 million to be paid by July 15, 2024
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