Kyntra Bio Inc (KYNB) News & EventsKYNBKyntra Bio Inc

Kyntra Bio Signs Agreement Amendment with NQ Project Phoebus, Reducing Payment Obligations to $65M

Kyntra Bio announced the signing of an amendment and restatement of its existing royalty financing agreement with NQ Project Phoebus, materially reducing its payment obligations under the agreement in exchange for an accelerated upfront payment. The amendment reduces the maximum aggregate payments under the agreement from $125M to $65M. Kyntra Bio made a $42.6M accelerated upfront payment to NQ Project Phoebus, bringing total payments made to date to $50M, a full return of NQ Project Phoebus's invested capital. Remaining payments, capped at $15M, will be paid from 50% of the revenue Kyntra Bio receives from Astellas in the Astellas territories excluding Japan. Once the $15M cap is reached, the amended agreement will terminate. Kyntra Bio will retain all subsequent Evrenzo royalties in the Astellas territories.

Kyntra Bio CEO Emphasizes Advancing Clinical Trials

"We continue to make progress across our oncology and rare disease portfolio and remain laser-focused on advancing toward our goal of initiating a pivotal Phase 3 trial of roxadustat in LR-MDS in the fourth quarter of this year and conducting an interim analysis of the Phase 2 trial of FG-3246 in mCRPC, also in the fourth quarter of this year," said Thane Wettig, Chief Executive Officer of Kyntra Bio. "We believe we have the substrate that will enable us to create significant value for patients and stakeholders as we advance our pipeline and look forward to providing additional updates in the coming months."