GROUP INVESTS $74.5M IN S.D. CANCER DRUG STARTUP

High-profile Bay Area capitalists latest to fund 2-year-old biotech Kinnate

A collection of high-profile venture capitalists in the Bay Area has invested $74.5 million in a young biotech startup in San Diego called Kinnate, setting up the company to expand its local team and dive deeper into its cancer research.

Kinnate, headquartered near Torrey Pines, is researching the viability of three potential cancer therapies, leaning on its expertise in a field of drugs called kinase inhibitors. The three programs are still in early stages, and the startup’s founders are keeping details under wraps. They declined to share exactly which cancer types the drugs are targeting.

It’s hoped the money will help move several of its existing research programs into human trials, as well as fund new research at the startup.

Kinnate was founded in 2016 by CEO Steve Kaldor, who is best known locally for leading his previous venture, Quanticel, to a notable acquisition. Pharmaceutical giant Celgene bought Quanticel in late 2015 in a deal worth up to $485 million.

Shortly after the deal, Kaldor went on to co-found Kinnate. The startup already raised $22 million in 2018, bringing its total capital raised to $96.5 million. The latest infusion of cash will help expand the startup’s 10-person team. Kaldor said he expects to hire at least 15 additional employees over the next 12 months.

Kinnate hasn’t shared much on its kinase inhibitor programs but did note that they were all developed in-house rather than licensed from other organizations. Kinases play a role in cancer for

•