Yumanity Therapeutics Shares Trading Higher Today - Read Here Why

  • Yumanity Therapeutics Inc YMTX has agreed to sell its lead clinical-stage product candidate, YTX-7739, and discovery-stage neuroscience candidates to Janssen Pharmaceutica NV, a unit of Johnson & Johnson JNJ for $26 million.
  • Yumanity plans to distribute any remaining available cash proceeds from the sale to Yumanity stockholders via a one-time dividend and net cash requirements associated with the proposed merger between Yumanity and Kineta Inc.
  • Under the second agreement, Kineta will become a wholly-owned subsidiary of Yumanity in an all-stock transaction, resulting in a combined publicly-traded company renamed Kineta Inc.
  • Also Read: Yumanity Cuts 60% Of Its Workforce, Explores Strategic Alternatives.
  • The combined entity will focus on immuno-oncology and continue Yumanity's ongoing research collaboration with Merck & Co Inc MRK in amyotrophic lateral sclerosis and frontotemporal lobar dementia. 
  • Kineta's IND-ready lead asset is KVA12.1, a VISTA blocking immunotherapy to address the problem of immunosuppression in the tumor microenvironment. Kineta is also developing fully human antibodies that target CD27 and CD24. 
  • Shawn Iadonato will serve as Chief Executive Officer, and Craig Philips will serve as President of the combined company. 
  • Price Action: YMTX shares are up 47.9% at $2.10 during the premarket session on the last check Monday.
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