SAN FRANCISCO, June 26, 2017 /PRNewswire/ -- Kindred
Biosciences, Inc. (NASDAQ: KIN), a biopharmaceutical company
focused on saving and improving the lives of pets, today announced
that it has acquired a manufacturing facility in Elwood, Kansas. The purchase of this property,
formerly owned by Boehringer Ingelheim and by Strategic Veterinary
Pharmaceuticals, Inc., includes approximately 8 acres of land and
two buildings encompassing approximately 180,000 square feet with
clean rooms, utility, equipment, and related quality documentation
suitable for small molecule and biologics manufacturing. The total
purchase price was $3,750,000 and the
Company expects to close within 30-days, subject to the completion
of the inspection/diligence period and satisfactions of the
conditions of escrow.
KindredBio also announced the execution of a commercial
manufacturing agreement with Corden Pharma S.p.A for the
manufacture of Zimeta™ (dipyrone injection) for the control of
pyrexia (fever) in horses. This agreement is for an initial
3-year term, and permits for an automatic renewal period of 2-years
upon the conclusion of the initial term. The agreement provides for
production to supply KindredBio's initial launch and future
commercial campaigns upon regulatory approval, with capabilities to
grow along with demand.
"We are very pleased to acquire this plant, which will allow
KindredBio to meet the anticipated manufacturing needs of our
promising pipeline, lower our costs of goods, and increase our
margins. The plant will be an ideal large-scale complement to our
manufacturing plant in Burlingame,
CA, which will be ready for cGMP manufacturing activities
shortly," stated Denise Bevers,
Co-Founder and COO of KindredBio. "We are also pleased to finalize
the commercial supply agreement for Zimeta, which provides reliable
and scalable drug supply from a well-regarded manufacturer."
Separately, the Company also announced the completion of its ATM
financing.
The Company will host a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today.
Interested parties may access the call by dialing toll-free
(855) 433-0927 from the US, or (484) 756-4262 internationally, and
using conference ID 45257837.
The call will also be webcast live at
http://edge.media-server.com/m/p/izdfc9hq.
A replay will also be available at that link for 30 days.
About Kindred Biosciences
Kindred Biosciences is a development-stage biopharmaceutical
company focused on saving and improving the lives of pets.
Its mission is to bring to pets the same kinds of safe and
effective medicines that human family members enjoy. The
Company's strategy is to identify compounds and targets that have
already demonstrated safety and efficacy in humans and to develop
therapeutics based on these validated compounds and targets for
dogs, cats and horses. The Company has a deep pipeline of
novel drugs and biologics in development across many therapeutic
classes.
For more information or to download the corporate presentation,
visit www.KindredBio.com/LearnMore. Stay connected with KindredBio
on Facebook at www.Facebook.com/KindredBio.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, but not limited to,
statements regarding our expectations about the trials, regulatory
approval, manufacturing, distribution and commercialization of our
current and future product candidates, and statements regarding our
anticipated revenues, expenses, margins, profits and use of
cash.
These forward-looking statements are based on our current
expectations. These statements are not promises or guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results to be materially
different from any future results expressed or implied by the
forward-looking statements. These risks include, but are not
limited to, the following: our limited operating history and
expectations of losses for the foreseeable future; the absence of
significant revenue from our product candidates for the foreseeable
future; our potential inability to obtain any necessary additional
financing; our substantial dependence on the success of our lead
product candidates, which may not be successfully commercialized
even if they are approved for marketing; the effect of competition;
our potential inability to obtain regulatory approval for our
existing or future product candidates; our dependence on third
parties to conduct some of our development activities; our
dependence upon third-party manufacturers for supplies of our
product candidates; uncertainties regarding the outcomes of trials
regarding our product candidates; our potential failure to attract
and retain senior management and key scientific personnel;
uncertainty about our ability to develop a satisfactory sales
organization; our significant costs of operating as a public
company; our potential inability to obtain patent protection and
other intellectual property protection for our product candidates;
potential claims by third parties alleging our infringement of
their patents and other intellectual property rights; our potential
failure to comply with regulatory requirements, which are subject
to change on an ongoing basis; the potential volatility of our
stock price; and the significant control over our business by our
principal stockholders and management.
For a further description of these risks and other risks that we
face, please see the risk factors described in our filings with the
U.S. Securities and Exchange Commission (the SEC), including the
risk factors discussed under the caption "Risk Factors" in our
Annual Report on Form 10-K and any subsequent updates that may be
contained in our Quarterly Reports on Form 10-Q filed with the SEC.
As a result of the risks described above and in our filings with
the SEC, actual results may differ materially from those indicated
by the forward-looking statements made in this press release.
Forward-looking statements contained in this press release speak
only as of the date of this press release and we undertake no
obligation to update or revise these statements, except as may be
required by law.
Contact
Russell Radefeld
KindredBio
russell.radefeld@kindredbio.com
(650) 701-7904
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SOURCE Kindred Biosciences, Inc.