SEATTLE, Oct. 4, 2021 /PRNewswire/ -- Humedix, a subsidiary of Huons Global, has partnered with Kineta, an American biotechnology company to strengthen its CMO business and secure new drugs for future growth. Humedix CEO, Jinhwan Kim, announced that the company held a board of directors meeting on September 30th and agreed to sign a strategic equity investment agreement with Kineta, Inc., an immuno-oncology and antibody development company. Humedix will acquire a 1.56% stake in Kineta.
According to this strategic investment, Kineta agreed to accelerate development and commercialization of the company's immuno-oncology pipeline by utilizing Humedix's production facilities for the non-clinical stage manufacturing. In addition, Humedix has secured certain exclusive distribution rights in Korea for products that are commercialized from Kineta's pipeline currently under development.
Kineta was established in Seattle in 2008 to research and develop novel immunotherapies to treat cancer, chronic pain, and emerging viruses. Recently, it has been recognized for its research and development capabilities by being selected as one of the Top 10 Immunotherapy Companies in 2020 by Pharma Tech Outlook, a global pharmaceutical media outlet.
Jinhwan Kim, CEO of Humedix said, "Kineta is a biotech company that has been recognized for its technological prowess to the extent that it has established strategic alliances with global pharmaceutical companies such as Pfizer and Genentech. With this investment, we plan to continue our partnership on domestic commercialization cooperation for new immuno-oncology drugs."
"We are delighted to collaborate with Humedix and leverage their pharmaceutical expertise in the Korean market", said Dr. Shawn Iadonato, Kineta CEO. "Humedix is a well-established, innovative company and we expect our partnership to expand in the future."
NOTICE: This document contains certain forward-looking statements, including without limitation statements regarding Humedix and Kineta's plans for pre-clinical and clinical studies, regulatory filings, investor returns and anticipated drug effects in human subjects. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties inherent in the companies' business which could significantly affect expected results, including without limitation progress of drug development, ability to raise capital to fund drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, and legislative, fiscal, and other regulatory measures. All forward-looking statements are qualified in their entirety by this cautionary statement, and the companies undertake no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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