Chinook Therapeutics, Inc. - KDNY STOCK NEWS

Chinook Therapeutics (Nasdaq: KDNY) has announced its participation in two upcoming investor conferences. The BTIG Biotechnology Conference 2022 features a fireside chat on August 9 at 12 PM EDT, exclusively for BTIG clients. The 2022 Wedbush PacGrow Healthcare Conference will follow with a fireside chat on August 10 at 10:55 AM EDT, accessible via webcast. Chinook is focused on developing precision medicines for kidney diseases, with lead programs in clinical trials targeting severe chronic conditions such as IgA nephropathy.

Chinook Therapeutics (Nasdaq: KDNY) announced participation in the William Blair Biotech Focus Conference 2022, featuring a fireside chat available on-demand starting July 11 at 9:00 am EDT. The management will also engage in 1x1 meetings on July 12 in New York, NY. Chinook is focused on developing precision medicines for kidney diseases, with its lead program, atrasentan, in phase 3 for IgA nephropathy. Further details and archived presentations can be accessed via the company's Investors section.

Chinook Therapeutics (Nasdaq: KDNY) has received orphan drug designation from the European Commission for BION-1301, targeted for treating primary IgA nephropathy (IgAN). This followed a favorable opinion from the EMA's Committee for Orphan Medicinal Products. Orphan designation offers incentives like 10 years of market exclusivity and reduced fees. The company's CEO highlighted the potential of BION-1301 to expedite clinical development, with promising initial results showing significant biomarker reductions and improved proteinuria levels in patients. A pivotal phase 3 trial is anticipated in 2023.

Chinook Therapeutics, Inc. (Nasdaq: KDNY) announced the pricing of an underwritten public offering of 6,428,572 shares at $14.00 each, alongside pre-funded warrants for 1,071,428 shares at $13.9999 each. The offering aims to raise approximately $105 million before expenses, with a 30-day option for underwriters to purchase an additional 1,125,000 shares. Proceeds will fund ongoing clinical trials and support the development of its kidney disease therapies, including atrasentan and BION-1301. The offering is expected to close around May 27, 2022.

Chinook Therapeutics, a biopharmaceutical company (Nasdaq: KDNY), announced an underwritten public offering of its common stock and pre-funded warrants. The offering includes a 30-day option for underwriters to purchase additional shares at the public offering price. Proceeds will support ongoing clinical trials, including phase 3 studies for atrasentan and BION-1301, as well as general corporate purposes. The offering is subject to market conditions, and details will be filed with the SEC. Chinook focuses on precision medicines for kidney diseases.

Chinook Therapeutics (KDNY) announced positive interim results from its phase 2 AFFINITY IgAN study, fully enrolling 20 patients. Atrasentan, a selective endothelin A receptor inhibitor, showed significant proteinuria reductions of 38.0% at 6 weeks, 49.9% at 12 weeks, and 58.5% at 24 weeks, with no treatment-related serious adverse events. The trial targets high-risk IgAN patients already on RAS inhibitors. Data suggests robust efficacy, potentially translating into clinical benefits for this underserved population. The company plans to present full topline data from the phase 3 ALIGN trial in 2023.

Chinook Therapeutics announced positive interim results from its phase 1/2 trial of BION-1301 for IgA nephropathy (IgAN) at the 59th ERA Congress 2022. All patients in Cohort 1 have transitioned to subcutaneous dosing with no serious adverse events reported. BION-1301 showed promising efficacy, including a ~50% reduction in proteinuria after 3-6 months and ~70% after one year. The company plans to initiate a phase 3 trial in 2023. Preclinical data on atrasentan also demonstrated potential benefits for IgAN treatment.

Chinook Therapeutics, Inc. (Nasdaq: KDNY) announced an employment inducement grant of stock options for 45,000 shares, effective May 6, 2022. The options have an exercise price of $13.64, aligning with the closing stock price on the grant date. Vested over four years, 25% will vest upon the employee's start date, with the remainder vesting monthly. This grant complies with Nasdaq listing Rule 5635(c)(4) and aims to attract talent for the company's precision medicine development focused on kidney diseases.

Chinook Therapeutics (Nasdaq: KDNY) reported its financial results for Q1 2022, highlighting revenue growth of $2.7 million, up from $0.4 million year-over-year, mainly due to a license agreement with SanReno. The company continues to advance its clinical trials, with ongoing enrollment in phase 3 ALIGN and phase 2 AFFINITY trials for atrasentan, alongside a new phase 1 trial for CHK-336. Cash and equivalents stood at $330 million as of March 31, 2022. Despite an increase in expenses to $26.3 million, net loss narrowed to $31.7 million, or $0.54 per share, compared to $37.2 million, or $0.88 per share in 2021.