Exhibit 99.1
Kura Oncology Announces Oversubscribed
$150 Million Private Placement
– Funding from existing investors, including EcoR1 Capital, an affiliate of Deerfield Management and Suvretta Capital –
– Pro forma cash, cash equivalents and investments expected to provide runway into 2027 –
– Management to host virtual investor event at 8:00 a.m. ET on January 30 to highlight preliminary combination data for ziftomenib –
SAN DIEGO, Jan. 24, 2024 – Kura Oncology, Inc. (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, today announced that it has agreed to sell 1,376,813 shares of its common stock at a price of $17.25 per share, representing a premium of approximately 29% to Kura’s closing price on January 23, 2024, and pre-funded warrants to purchase 7,318,886 shares of its common stock at price per pre-funded warrant of $17.2499 to a select group of institutional and accredited healthcare specialist investors in an oversubscribed private placement. The pre-funded warrant exercise price is $0.0001 per share. Kura anticipates the gross proceeds from the private placement to be approximately $150 million, before deducting any offering-related expenses. The private placement is expected to close on or about January 26, 2024, subject to customary closing conditions.
The financing includes participation from existing institutional investors, including EcoR1 Capital, an affiliate of Deerfield Management and Suvretta Capital. Leerink Partners acted as the sole placement agent for the private placement.
Kura intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates, other research programs, working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and investments, are expected to fund current operations into 2027.
The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. Kura has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock issued in the private placement and the shares of common stock issuable upon the exercise of the pre-funded warrants issued in the private placement no later than the 30th day after the pricing of the private placement.
