Kura Oncology has announced plans for a $100 million underwritten public offering to fund the development of its three candidate drugs, invest pipeline research and development, and provide general working capital. The company has approximately $406 million in cash, cash equivalents and investments, which it expects will fund current operations until Q4 2025. However, Kura's pre-market share value slipped by 8.1% to $11.7 after the announcement of the public offering. BofA Securities, Jefferies and SVB Securities are bookrunning managers for this offering.
The announcement follows a late-breaking oral session at the 2023 European Hematology Association’s Annual Congress where Kura presented updated clinical and pre-clinical data on ziftomenib, a selective menin inhibitor designed for the treatment of mixed-lineage leukemias. The drug is currently undergoing Phase II studies as well as combination studies with other drugs including gilteritinib, fludarabine, cytarabine, granulocyte-colony stimulating factor, idarubicin, and low-dose cytarabine.