SEATTLE--(BUSINESS WIRE)--Feb 5, 2013 - RLB Holdings and Kineta are pleased to announce a new investment partnership focused on accelerating development of Kineta's clinical stage drug candidates. The two drug programs funded by the investment partnership are ShK-186, a novel immune-sparing targeted therapeutic focused on autoimmune diseases and rOAS, a novel pan-viral therapeutic aimed at an array of malicious viruses for which there are few effective therapies.
“RLB Holdings found a great gem in Kineta – a company executing an innovative business strategy that also addresses the enormous global need for better and safer medicines,” said Lydia Bartoszek, Managing Partner and co-founder of RLB Holdings. “Ray and I personally spent a lot of time getting to know the team in Seattle and studying their business. We discovered a high caliber operation poised for growth,” added Ms. Bartoszek.
RLB Holdings is an investment firm internationally regarded for its success in selecting and managing high yield investments. RLB holds major positions in a diverse array of companies from the legendary New York Yankees to Glencore International and Horseheads Sand & Transloading Terminal in the Marcellus shale region.
“With two major investments in Kineta in a span of two months, RLB Holdings has provided us with substantial funding power to make major clinical advancements,” said Charles Magness, PhD, Kineta President and CEO.
RLB Holdings' second investment, announced today, funds manufacturing of the drug lot for Kineta's forthcoming rOAS clinical trial. The drug candidate is a novel, host-directed antiviral focused on influenza, West Nile virus, Dengue fever and many other contagious pathogens. RLB Holdings made its initial investment in Kineta in November of 2012 enabling completion of first in human trials on ShK-186, Kineta's autoimmune drug program. ShK-186 targets multiple sclerosis, lupus nephritis among other chronic autoimmune diseases. ShK-186 is one of two Kineta drug programs profiled in the current issue of National Geographic magazine, (the second is focused on non-narcotic severe pain relief). Kineta has raised more than $40 million since its launch in 2008. Terms of the RLB Holdings investment were not disclosed.
RLB Holdings is an investment firm founded in 2011 by Ray and Lydia Bartoszek who co-lead the firm as managing partners. RLB has pursued a diversified strategy of investing in transformative products and services across leading edge sectors. RLB Holdings seeks to uncover valuable opportunities poised for substantial growth and also provide positive economic and community benefit. Select investments include: The New York Yankees, Glencore International, Solutionpoint International, Horseheads Sand & Transloading Terminal, Crunch Gyms, Simple Wishes and Kineta. More information is available at www.RLB-Holdings.com.
Kineta, Inc. is a Seattle-based privately held biotechnology company specializing in clinical advancement of high-need novel immunotherapeutic drug candidates. Our world class scientists are pioneers in developing life-changing classes of drugs. Kineta seeks to improve the lives of millions of people suffering from an array of diseases. Kineta's progressive business model focuses on targeting unmet medical needs and rapid achievement of important clinical milestones. For more information on Kineta visit our website, www.Kinetabio.com.
This document contains certain forward-looking statements, including without limitation statements regarding Kineta's plans for drug manufacturing and clinical studies. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties inherent in Kineta's business which could significantly affect expected results, including without limitation progress of drug development, drug manufacturing, clinical testing and regulatory approval, developments in raw material and personnel costs, and legislative, fiscal, and other regulatory measures. All forward-looking statements are qualified in their entirety by this cautionary statement, and Kineta undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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Contact: Kineta, Inc.
Meg O'Conor, Executive Director, Corporate Business Development, 206-251-8638