TAMPA, FL - TuHURA Biosciences, Inc. (NASDAQ:HURA), an immune-oncology company, has announced the completion of its merger with Kintara Therapeutics, Inc. The combined entity, retaining the name TuHURA Biosciences, Inc., is set to advance its pipeline of novel technologies aimed at overcoming resistance to cancer immunotherapy.
The company is gearing up to launch a Phase 3 accelerated approval registration trial in the first half of 2025. This trial will focus on the treatment of first-line Merkel Cell carcinoma under a Special Protocol Assessment agreement with the FDA.
Post-merger, Kintara equity holders will own approximately 2.85% of the combined company's common stock on a pro forma fully diluted basis, with the potential to increase to about 5.45% contingent on milestone achievements as per the Contingent Value Rights Agreement. Conversely, TuHURA equity holders will own the majority at approximately 97.15%, which may adjust to around 94.55% upon milestone achievements.
The newly merged company's leadership will consist of James Bianco as President and CEO, Dan Dearborn as CFO, and Dennis Yamashita as CSO, with a board of directors featuring industry veterans.
Shares of TuHURA Biosciences' common stock, previously traded under the ticker "KTRA," will commence trading under the new ticker "HURA" on The Nasdaq Capital Market from October 18, 2024. In addition, the company has secured $31 million in fully-funded financing expected to support operations into late 2025.
TuHURA's lead program, IFx-2.0, is an innate immune response agonist designed to enhance the efficacy of current immunotherapies. The upcoming Phase 3 trial will assess IFx-2.0 as an adjunct therapy to Keytruda® in treating advanced Merkel Cell Carcinoma.
The company is also developing tumor microenvironment modulators using its Delta receptor technology. These are aimed at inhibiting Myeloid Derived Suppressor Cells, which suppress immune responses in the tumor environment, thus preventing T cell exhaustion and acquired resistance to immunotherapies.
This strategic merger and the planned clinical trial represent significant steps for TuHURA in its mission to improve cancer immunotherapy outcomes. The information provided here is based on a press release statement from TuHURA Biosciences, Inc.
InvestingPro Insights
TuHURA Biosciences, Inc. (NASDAQ:HURA) has shown impressive market performance recently, which aligns with the company's strategic merger and ambitious clinical trial plans. According to InvestingPro data, HURA has demonstrated a strong 28.34% price total return over the past month and a 28.41% return over the past year. This positive momentum is further reflected in the stock trading at 92.01% of its 52-week high, suggesting investor confidence in the company's recent developments.
An InvestingPro Tip indicates that HURA has raised its dividend for 5 consecutive years, which may appeal to income-focused investors looking for stability alongside the company's growth potential in the immune-oncology space. However, it's worth noting that the current dividend yield stands at a modest 0.9%.
The company's market capitalization of $71.66 million, coupled with its recent price performance, suggests that the market is responding positively to TuHURA's strategic moves. This is particularly relevant given the company's plans to launch a Phase 3 accelerated approval registration trial in the first half of 2025.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 additional InvestingPro Tips available for HURA, providing a deeper understanding of the company's financial health and market position.
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