Kinnate Biopharma Inc. Announces Addition to NASDAQ Biotechnology Index
Kinnate Biopharma Inc. (Nasdaq: KNTE) has been added to the NASDAQ Biotechnology Index (NBI), effective December 20, 2021. This selection reflects the company's progress in developing small molecule kinase inhibitors for challenging cancers. The NBI is a modified market capitalization weighted index tracking biotechnology and pharmaceutical companies, reconstituted annually based on eligibility criteria. CEO Nima Farzan noted the inclusion will enhance awareness of Kinnate's mission and pipeline, emphasizing the significant strides made in 2021.
- Inclusion in the NASDAQ Biotechnology Index may increase visibility and credibility among investors.
- Reflects significant progress in Kinnate's development efforts and corporate milestones.
- Limited operating history as a preclinical-stage biopharmaceutical company may pose financial risks.
- Ongoing risks related to raising capital and advancing clinical trials amidst the COVID-19 pandemic.
SAN FRANCISCO and SAN DIEGO, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Kinnate Biopharma Inc. (Nasdaq: KNTE) (“Kinnate”), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, today announced that it has been selected for addition to the NASDAQ Biotechnology Index (“NBI”). Kinnate’s addition to the NBI will become effective prior to market open on Monday, December 20, 2021.
The NBI is designed to track the performance of a set of securities listed on The NASDAQ Stock Market® (NASDAQ®) that are classified as either biotechnology or pharmaceutical companies, and is a modified market capitalization weighted index. The NBI is reconstituted annually in December in accordance with a set of eligibility criteria including minimum market capitalization and average daily trading volume, among other criteria.
“We are pleased to be added to the NASDAQ Biotechnology Index and see it as reflection of the progress we have made this year,” said Nima Farzan, Chief Executive Officer of Kinnate. “2021 has been transformative for Kinnate and the inclusion in this index will enable greater awareness about Kinnate’s mission and pipeline.”
For more information about the NBI, including eligibility criteria, please visit https://indexes.nasdaqomx.com/Index/Overview/NBI.
About Kinnate
Kinnate is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Kinnate’s mission is to expand the reach of targeted therapeutics by developing products that are designed to address significant unmet need. Kinnate utilizes its deep expertise in structure-based drug discovery, translational research, and patient-driven precision medicine, which it refers to as the Kinnate Discovery Engine, to develop targeted therapies. Based in San Francisco and San Diego, California, the Kinnate team is composed of drug discovery experts supported by a distinguished group of scientific advisors. For more information, please visit www.kinnate.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the expected timing of our addition to the NBI and the potential benefits of our product candidates. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are also intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. Such expectations and projections may never materialize or may prove to be incorrect. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors, including risks related to operating as a preclinical-stage biopharmaceutical company with a limited operating history; our ability to raise additional capital to finance our operations; our ability to discover, advance through the preclinical and clinical development of, obtain regulatory approval for and commercialize our product candidates; the novel approach we are taking to discover and develop drugs; our ability to timely file and obtain approval of investigational new drug applications for our planned clinical trials; the potential for any clinical trial results to differ from our preclinical study results; negative impacts of the COVID-19 pandemic on our business, including ongoing and planned clinical trials and ongoing and planned preclinical studies; competition in our industry; regulatory developments in the United States and other countries; our ability to attract, hire and retain highly skilled executive officers and employees; difficulties in managing our growth; our ability to protect our intellectual property; reliance on third parties to conduct our preclinical studies and any ongoing or planned future clinical trials, and to manufacture our product candidates; general economic and market conditions; and other risks.
These and other risks, uncertainties, assumptions and other factors are further described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 that we have filed with the Securities and Exchange Commission (the “SEC”), as well as in our subsequent filings we make with the SEC. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Investors should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our forward-looking statements speak only as of the date of this release, and except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason in the future.
Contacts:
Investors:
Patti Bank
ICR Westwicke
415-513-1284
investors@kinnate.com
Media:
Colin Sanford
colin@bioscribe.com
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