Kura Oncology Announces Closing of Public Offering and Full Exercise of Option to Purchase Additional Shares

Rhea-AI Summary

Kura Oncology (Nasdaq: KURA) announced the successful closing of its public offering of 10,465,000 shares of common stock at $13.75 per share, raising approximately $143.9 million in gross proceeds. This includes the underwriters' full exercise of their option to purchase an additional 1,365,000 shares. The offering was conducted under an effective shelf registration statement filed with the SEC. Kura aims to advance its portfolio of precision medicines for cancer treatment, including its leading candidate, tipifarnib, for HRAS mutant head and neck cancer.

Positive

• Raised approximately $143.9 million in gross proceeds from the offering.
• Funding will support the advancement of Kura's precision medicines pipeline, including clinical trials.

Negative

• Potential dilution of existing shareholders due to the issuance of new shares.

SAN DIEGO, May 08, 2020 (GLOBE NEWSWIRE) -- Kura Oncology, Inc. (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, today announced the closing of its previously announced underwritten public offering of 10,465,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 1,365,000 shares, at a public offering price of $13.75 per share. The gross proceeds to Kura from the offering, before underwriting discounts and commissions and other offering expenses payable by Kura, were approximately $143.9 million.

SVB Leerink, Cowen and Credit Suisse acted as joint bookrunning managers in the offering. JMP Securities and H.C. Wainwright & Co. acted as co-managers in the offering.

The securities described above were offered by Kura pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed by Kura with the Securities and Exchange Commission (the “SEC”) and that was declared effective on August 28, 2019.  A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov.  Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6218, or by email at syndicate@svbleerink.com; Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at PostSaleManualRequests@broadridge.com, or by phone at (833) 297-2926; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3^rd Floor, New York, NY 10010, or by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Kura Oncology

Kura Oncology is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Kura’s pipeline consists of two wholly-owned small molecule drug candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes by identifying those patients most likely to benefit from treatment. Kura’s most advanced drug candidate is tipifarnib, a potent, selective and orally bioavailable farnesyl transferase inhibitor currently in a registration-directed trial in patients with recurrent or metastatic HRAS mutant head and neck squamous cell carcinoma (HNSCC). Kura’s pipeline is also highlighted by KO-539, a potentially first-in-class, potent and selective inhibitor of the menin-MLL protein-protein interaction currently in a Phase 1/2A clinical trial in patients with relapsed/refractory AML.

Contacts

Company:
Pete De Spain
Vice President, Investor Relations &
Corporate Communications
(858) 500-8803
pete@kuraoncology.com

Investors:
Robert H. Uhl
Managing Director
Westwicke ICR
(858) 356-5932
robert.uhl@westwicke.com

Media:
Jason Spark
Managing Director
Canale Communications
(619) 849-6005
jason@canalecomm.com

FAQ

What is the size of KURA's recent public offering?

Kura Oncology's recent public offering consisted of 10,465,000 shares.

What were the gross proceeds from KURA's public offering?

The gross proceeds from Kura's public offering were approximately $143.9 million.

What is the public offering price per share for KURA?

The public offering price for Kura's shares was $13.75 per share.

What will the funds from KURA's public offering be used for?

The funds will support the advancement of Kura's precision medicine pipeline for cancer treatment.

What impact could KURA's stock offering have on shareholders?

The stock offering could lead to dilution of existing shareholders' equity.