AGM and recent refinancing
Kinarus’ Therapeutics AG held its AGM on June 28th. Shareholders approved all proposals, re-electing the current members of the Board of Directors for another term. Kinarus also recently received a subordinated CHF1.5m convertible loan investment by CDIM, an investment group in China. This equity-backed financing is intended to support Kinarus with the intention of entering negotiation for regional licenses for KIN001.In addition, the US FDA and other countries continue to facilitate the development of drugs to treat and prevent COVID-19. The KINFAST phase 2 trial of KIN001 in outpatients remains open to recruitment in Switzerland and Germany. Kinarus appears to have most of the bases covered in this difficult biotech environment.
While we await the completion of the CDIM and subsequent transactions, our fair value for Kinarus remains at CHF 93m, or CHF 0.093 per share
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