ADRO Aduro Biotech Inc.

2.76
+0.27  (+11%)
Previous Close 2.49
Open 2.54
52 Week Low 0.9011
52 Week High 4.04
Market Cap $223,722,854
Shares 81,059,005
Float 65,987,794
Enterprise Value $85,187,853
Volume 1,322,483
Av. Daily Volume 511,067
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Upcoming Catalysts

Drug Stage Catalyst Date
ADU-S100 and pembrolizumab
Squamous Cell Carcinoma of the Head and Neck (SCCHN)
Phase 2
Phase 2
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BION-1301
IgA Nephropathy
Phase 1
Phase 1
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Drug Pipeline

Drug Stage Notes
ADU-S100 and Spartalizumab
Solid tumors or lymphomas
Phase 1b
Phase 1b
Phase 1 trial to be discontinued - noted December 17, 2019.
ADU-S100 and ipilimumab
Melanoma
Phase 1
Phase 1
Phase 1 enrolment to be terminated - noted December 17, 2019.
ADU-S100
Non-muscle invasive bladder cancer
Phase 1
Phase 1
Phase 1 trial planned for 2H 2020 might be delayed.
MK-5890 and pembrolizumab
Non-small cell lung cancer (NSCLC)
Phase 2
Phase 2
Phase 2 trial has been initiated - noted February 6, 2020.

Latest News

  1. Chinook Therapeutics, Inc., a privately held clinical-stage biotechnology company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced a $106 million private placement financing, with participation from new investors including EcoR1 Capital, OrbiMed, funds managed by Rock Springs Capital, Avidity Partners, Surveyor Capital (a Citadel company), Ally Bridge Group, Monashee Investment Management LLC, Northleaf Capital Partners, Janus Henderson Investors, Sphera Biotech, and other top-tier healthcare investors. As part of the financing, Chinook's existing investors, Versant Ventures, Apple Tree Partners and Samsara BioCapital, will purchase $25 million in Chinook common stock on…

    Chinook Therapeutics, Inc., a privately held clinical-stage biotechnology company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced a $106 million private placement financing, with participation from new investors including EcoR1 Capital, OrbiMed, funds managed by Rock Springs Capital, Avidity Partners, Surveyor Capital (a Citadel company), Ally Bridge Group, Monashee Investment Management LLC, Northleaf Capital Partners, Janus Henderson Investors, Sphera Biotech, and other top-tier healthcare investors. As part of the financing, Chinook's existing investors, Versant Ventures, Apple Tree Partners and Samsara BioCapital, will purchase $25 million in Chinook common stock on the same terms as the new investors in lieu of their prior commitment to purchase convertible notes.

    "We're thrilled to have such a high-quality group of investors support our goal of building a leading kidney disease company to advance multiple clinical programs for IgA nephropathy and other rare, severe chronic kidney diseases with large unmet medical needs," said Eric Dobmeier, president and chief executive officer of Chinook. "Upon close of our proposed merger with Aduro Biotech, Chinook will be well-capitalized to move its pipeline programs forward towards its objective of providing meaningful results for patients and to prepare pre-commercialization strategies."

    The private placement closing is expected to occur immediately prior to the closing of the previously announced proposed merger between Chinook and Aduro Biotech, Inc. (NASDAQ:ADRO). Following the proposed merger closing, which is expected to occur in the second half of 2020, Aduro will be renamed Chinook Therapeutics, Inc., and is expected to trade on the Nasdaq Global Select Market under the ticker symbol "KDNY". Closing of the private placement is subject to the satisfaction or waiver of all closing conditions for the proposed merger. Following the private placement financing, and upon closing of the merger, Chinook is expected to have at least $275 million in operating capital.

    Proceeds from the financing will fund the advancement of the combined company's pipeline, including:

    • Planned phase 2 and phase 3 trials of atrasentan, an investigational selective endothelin receptor antagonist, in development for the treatment of IgA nephropathy and other primary glomerular diseases;
    • An ongoing phase 1b and future clinical trials of BION-1301, an investigational humanized monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, in development for the treatment of IgA nephropathy;
    • A planned phase 1 trial of CHK-336, an investigational small molecule, in preclinical development for treatment of an ultra-rare orphan kidney disease; and
    • Advancement of additional research and discovery programs focused on the treatment of rare, severe chronic kidney diseases.

    SVB Leerink is acting as lead placement agent and Evercore Group L.L.C. and William Blair are acting as co-placement agents for the financing.

    The shares of common stock sold in the financing have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About the Merger

    On June 2, 2020, Chinook and Aduro announced that the companies had entered into a definitive merger agreement pursuant to which Aduro will acquire all of the outstanding capital stock of Chinook in exchange for shares of Aduro common stock representing approximately 50 percent of Aduro's outstanding common stock immediately after completion of the transaction, excluding the shares to be issued for the announced financing transaction. Following closing, which is expected to occur in the second half of 2020, Aduro will be renamed Chinook Therapeutics, Inc., and is expected to trade on the Nasdaq Global Select Market under the ticker symbol "KDNY". The combined company will be run by Chinook's management team, and will be headquartered out of Chinook's existing facilities in Vancouver, BC and Seattle, Washington.

    About Chinook Therapeutics

    Chinook Therapeutics, Inc. is a clinical-stage biotechnology company developing precision medicines for kidney diseases. The company's products are focused on rare, severe chronic kidney disorders with opportunities for well-defined and streamlined clinical pathways. Chinook's lead program is atrasentan, an investigational endothelin receptor antagonist in development for the treatment of IgA nephropathy and other primary glomerular diseases. Through the proposed Aduro merger, Chinook will also add BION-1301, an investigational anti-APRIL monoclonal antibody in a phase 1b trial for IgA nephropathy, to its pipeline. In addition, Chinook is advancing a preclinical development candidate for an undisclosed ultra orphan kidney disease, as well as research programs for other rare, severe chronic kidney diseases, including polycystic kidney disease. Chinook seeks to build its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with novel mechanisms of action against key kidney disease pathways. Chinook is backed by leading healthcare investors, Versant Ventures, Apple Tree Partners, and Samsara BioCapital, and is based in Vancouver, British Columbia and Seattle, Washington. For more information visit www.chinooktx.com.

    Non-Solicitation

    This communication is for informational purposes only and does not constitute a recommendation, an offer to sell or solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Additional Information and Where to Find It

    This communication may be deemed to be solicitation material in respect of the proposed merger between Aduro and Chinook. Aduro has filed a Registration Statement on Form S-4 containing a proxy statement/prospectus of Aduro and other documents concerning the proposed merger between Aduro and Chinook with the SEC. This communication is not a substitute for the proxy statement/prospectus or any other document that may be filed by Aduro with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS IN ITS ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and stockholders may able to obtain a free copy of the proxy statement/prospectus and other documents containing important information about Aduro and Chinook, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov.

    Participants in the Solicitation

    Chinook and its directors, executive officers and certain employees and other persons, may be deemed to be participants in the solicitation of proxies from Aduro's stockholders in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the proposed merger is included in the proxy statement/prospectus referred to above.

    Cautionary Note on Forward-Looking Statements

    Certain of the statements made in this press release are forward looking, including those relating to the closing of the financing, Chinook's cash resources following closing of the financing and merger, future management and the board of directors of Chinook, the expected ownership in the combined company of the former Chinook securityholders and securityholders of Aduro as of immediately prior to the proposed merger, and Chinook's business, future operations, advancement of its product candidates and product pipeline, and clinical development of its product candidates, including expectations regarding timing of initiation and results of clinical trials. In some cases, you can identify these statements by forward-looking words such as "may," "will," "continue," "anticipate," "intend," "could," "project," "expect" or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, the risk that the merger may not be completed in a timely manner or at all, the failure of either party to satisfy any of the conditions to the consummation of the merger, including the approval of the issuance of shares of common stock pursuant to the merger agreement and the change of control resulting therefrom by Aduro's stockholders; uncertainties as to the timing of the consummation of the merger and the financing; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; unexpected costs, charges or expenses resulting from the proposed merger and financing; and the effects of COVID-19 on clinical programs and business operations. Many of these risks in greater detail in the proxy statement/prospectus filed by Aduro with the SEC relating to the merger. Any forward-looking statements in this press release speak only as of the date of this press release. Chinook assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

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  2. BERKELEY, Calif., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the A Proliferation Inducing Ligand (APRIL) and Stimulator of Interferon Genes (STING) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today provided a business update and reported financial results for the second quarter ended June 30, 2020.

    "The second quarter of 2020 was highlighted by the announcement of our planned merger with Chinook Therapeutics as well as significant progress in our BION-1301 program for IgA nephropathy (IgAN). We recently dosed the first IgAN patient with BION-1301 in Part 3 of our ongoing Phase 1 study and presented…

    BERKELEY, Calif., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the A Proliferation Inducing Ligand (APRIL) and Stimulator of Interferon Genes (STING) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today provided a business update and reported financial results for the second quarter ended June 30, 2020.

    "The second quarter of 2020 was highlighted by the announcement of our planned merger with Chinook Therapeutics as well as significant progress in our BION-1301 program for IgA nephropathy (IgAN). We recently dosed the first IgAN patient with BION-1301 in Part 3 of our ongoing Phase 1 study and presented positive data from Parts 1 and 2 of this study in healthy volunteers at the 57th ERA-EDTA Virtual Congress. The data indicated BION-1301 was well-tolerated, had a half-life of approximately 33 days, achieved over 90% target engagement with a single 450 mg dose of BION-1301 and demonstrated dose-dependent and durable reductions in IgA and IgM levels, and to a lesser extent, IgG levels," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "We continue to enroll patients in our Phase 2 study of ADU-S100 in combination with pembrolizumab in squamous cell carcinoma of the head and neck and make progress on our cGAS-STING antagonist research collaboration with Lilly." Isaacs continued, "We ended the second quarter of 2020 with a cash position of $186.1 million, which we believe will enable us to continue our ongoing STING and APRIL programs in the near-term and also meet our net cash requirements at the close of the merger with Chinook."  

    Recent Highlights

    • Announced definitive merger agreement with Chinook Therapeutics, which is expected to close in the second half of 2020, subject to the satisfaction or waiver of the conditions to completion of the merger. Following completion of the merger, the combined company will operate as Chinook Therapeutics and advance a pipeline of precision medicines for kidney diseases, led by atrasentan and BION-1301 in IgAN, assuming satisfaction of the conditions to closing the merger.

       
    • Presented healthy volunteer data from Part 1 (single ascending dose) and Part 2 (multiple ascending dose) of the ongoing Phase 1 study of BION-1301 at the 57th ERA-EDTA Virtual Congress.

       
    • Presented nonclinical toxicology studies of BION-1301 evaluating intravenous administration for up to six months and subcutaneous administration for up to one month at the 57th ERA-EDTA Virtual Congress.

       
    • Dosed the first patient with IgAN in Part 3 of the ongoing Phase 1 study of BION-1301.

    Financial Results

    • Cash Position Cash, cash equivalents and marketable securities totaled $186.1 million at June 30, 2020, compared to $213.6 million at December 31, 2019. Cash spend year to date was offset by the receipt of a $10 million development milestone payment from Merck in the first quarter of 2020.

       
    • Revenue – Revenue was $5.6 million for the second quarter of 2020 and $19.5 million for the six months ended June 30, 2020, compared to $4.9 million and $8.8 million, respectively for the same periods in 2019. The increase in revenue for the quarter was primarily due to fluctuations in revenue recognized under our Novartis collaboration which is dependent on clinical timelines and progress under the research and collaboration agreement. In addition to the Novartis collaboration, the increase in revenue for the year to date period included the recognition of the $10.0 million development milestone payment received under our license and research collaboration agreement with Merck. 

       
    • Expenses –
      • Research and development expenses were $11.1 million for the second quarter of 2020 and $26.9 million for the six months ended June 30, 2020, compared to $16.7 million and $34.2 million, respectively, for the same periods in 2019. The decrease in expense from 2019 to 2020 was primarily due to 2019 costs related to the deprioritized programs that were substantially wound down in 2019 offset by higher costs for our STING and APRIL programs. The decrease was also attributable to lower compensation and related personnel costs as well as stock-based compensation as compared to 2019 due to reduced headcount as a result of the January 2020 restructuring. 

         
      • General and administrative expenses were $9.3 million for the second quarter of 2020 and $17.1 million for the six months ended June 30, 2020, compared to $7.8 million and $16.1 million, respectively, for the same periods in 2019. The quarter and year to date increases were due to higher professional services expenses associated with the merger transaction, the increase was offset by lower personnel and stock-based compensation expense, as compared to 2019, due to reduced headcount as a result of the January 2020 restructuring.

         
      • Restructuring and related expenses were $2.0 million for the second quarter of 2020 and $6.4 million for the six months ended June 30, 2020, compared to $0.4 million and $3.4 million, respectively, for the same periods in 2019. The year to date restructuring and related expenses consisted of severance and employee retention costs as well as the impairment of property and equipment associated with the planned closure of the Aduro Biotech Europe facility in Oss, The Netherlands as part of the January 2020 corporate restructuring plan. The $3.4 million restructuring and related expenses recorded in 2019, which included employee severance and retention payments, related to the January 2019 strategic reset.

         
    • Net Loss – Net loss for the second quarter of 2020 was $16.6 million or $0.21 per share and $24.2 million or $0.30 per share for the six months ended June 30, 2020, compared to net loss of $18.6 million or $0.23 per share and $42.0 million or $0.53 per share, respectively, for the same periods in 2019. In addition to the factors described above, the net loss was offset by approximately $5.6 million of income tax benefit related to an income tax carryback claim allowed by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The income tax refund is expected to be received in the second half of 2020.

    About Aduro

    Aduro Biotech, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro's product candidates in the A Proliferation Inducing Ligand (APRIL) and Stimulator of Interferon Genes (STING) pathways are being investigated in cancer, autoimmune and inflammatory diseases. BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, is being evaluated in IgA nephropathy. ADU-S100 (MIW815), which is designed to activate the intracellular STING receptor for a potent tumor-specific immune response, is being evaluated in combination with KEYTRUDA® (pembrolizumab), an approved anti-PD-1 monoclonal antibody, as a potential first-line treatment for patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN). Aduro is collaborating with a number of leading global pharmaceutical companies to help expand and drive its product pipeline. For more information, please visit www.aduro.com.

    Additional Information and Where to Find It

    Aduro has filed a Registration Statement on Form S-4 containing a proxy statement/prospectus of Aduro and other documents concerning the proposed merger with the SEC. BEFORE MAKING ANY VOTING DECISION, ADURO'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS IN ITS ENTIRETY AND ANY OTHER DOCUMENTS FILED BY ADURO WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Security holders may obtain a free copy of the proxy statement/prospectus and other documents filed by Aduro with the SEC at the SEC's website at www.sec.gov. Investors and stockholders will be able to obtain a free copy of the proxy statement/prospectus and other documents containing important information about Aduro and Chinook, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Aduro makes available free of charge at www.aduro.com (in the "Investor Relations" section), copies of materials that Aduro files with, or furnishes to, the SEC.

    Participants in the Solicitation

    This communication does not constitute a solicitation of proxy, an offer to purchase or a solicitation of an offer to sell any securities. Aduro and Chinook, and each of their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Aduro in connection with the proposed merger. Security holders may obtain information regarding the names, affiliations and interests of Aduro's directors and officers in Aduro's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 9, 2020, and its definitive proxy statement for the 2020 annual meeting of stockholders, which was filed with the SEC on March 24, 2020. To the extent the holdings of Aduro's securities by Aduro's directors and executive officers have changed since the amounts set forth in Aduro's proxy statement for its 2020 annual meeting of stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such individuals in the proposed merger will be included in the proxy statement/prospectus relating to the proposed merger when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC's website at www.sec.gov and Aduro's website at www.aduro.com.

    Cautionary Note on Forward-Looking Statements

    This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our current intentions or expectations concerning, among other things, the potential for our technology, continued advancement of our programs, our cash position allowing us to continue our APRIL and STING programs in the near-term and meet our net cash requirements under the merger agreement with Chinook, the closing of the merger with Chinook, the strategy of the combined company following the closing of the merger, expected timing for receipt of our income tax refund and collaborations with leading global pharmaceutical companies to help expand and drive our product pipeline. In some cases, you can identify these statements by forward-looking words such as "may," "will," "continue," "anticipate," "intend," "could," "project," "expect" or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, the risk that the proposed merger with Chinook may not be completed in a timely manner or at all, which may adversely affect Aduro's business and the price of the common stock of Aduro; the failure of either party to satisfy any of the conditions to the consummation of the proposed merger, including the approval by Aduro's stockholders of the issuance of shares of Aduro common stock in the merger and the change of control resulting from the merger; the receipt of certain governmental and regulatory approvals; uncertainties as to the timing of the consummation of the proposed merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed merger on Aduro's business relationships, operating results and business generally; risks that the proposed merger disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed merger; risks related to diverting management's attention from Aduro's ongoing business operations; the outcome of any legal proceedings that may be instituted against Aduro related to the merger agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; our history of net operating losses and uncertainty regarding our ability to achieve profitability, our ability to develop and commercialize our product candidates, our ability to use and expand our technology platforms to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, our reliance on third parties, and our ability to obtain and adequately protect intellectual property rights for our product candidates; and the effects of COVID-19 on our clinical programs and business operations. We discuss many of these risks in greater detail under the heading "Risk Factors" contained in our quarterly report on Form 10-Q for the quarter ended June 30, 2020, to be filed with the Securities and Exchange Commission (SEC), and our other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

    Contact:
    Noopur Liffick
    510-809-2465

    ADURO BIOTECH, INC.

    Consolidated Statements of Operations

    (In thousands, except share and per share amounts)

    (Unaudited)

      Three Months Ended June 30,  Six Months Ended June 30, 
      2020  2019  2020  2019 
    Revenue:                
    Collaboration and license revenue $5,574  $4,888  $19,524  $8,826 
    Total revenue  5,574   4,888   19,524   8,826 
    Operating expenses:                
    Research and development(1)  11,108   16,657   26,936   34,151 
    General and administrative(1)  9,284   7,832   17,103   16,056 
    Restructuring and related expense  2,046   367   6,354   3,361 
    Amortization of intangible assets  136   139   272   279 
    Total operating expenses  22,574   24,995   50,665   53,847 
    Loss from operations  (17,000)  (20,107)  (31,141)  (45,021)
    Interest income  413   1,497   1,333   2,968 
    Other expense, net  (28)  (3)  (47)  (22)
    Total other income  385   1,494   1,286   2,946 
    Loss before income tax  (16,615)  (18,613)  (29,855)  (42,075)
    Income tax benefit     35   5,665   70 
    Net loss $(16,615) $(18,578) $(24,190) $(42,005)
    Net loss per common share, basic and diluted $(0.21) $(0.23) $(0.30) $(0.53)
    Shares used in computing net loss per common

      share, basic and diluted
      80,862,621   80,032,022   80,810,211   79,847,960 
                     
    (1) Includes the following share-based compensation expenses:                
    Research and development  1,363   1,713   2,226   3,746 
    General and administrative  1,665   1,623   2,837   3,293 

    ADURO BIOTECH, INC.

    Consolidated Balance Sheets

    (In thousands)

    (Unaudited)

      June 30,  December 31, 
      2020  2019 
    Assets        
    Current assets:        
    Cash and cash equivalents $71,103  $59,624 
    Marketable securities  100,028   153,978 
    Accounts receivable  1,169   342 
    Income tax receivable  5,665    
    Prepaid expenses and other current assets  3,015   3,958 
    Total current assets  180,980   217,902 
    Marketable securities  14,995    
    Property and equipment, net  21,706   24,688 
    Operating lease right-of-use assets  20,334   21,110 
    Goodwill  8,177   8,167 
    Intangible assets, net  18,723   18,978 
    Restricted cash  468   468 
    Total assets $265,383  $291,313 
    Liabilities and Stockholders' Equity        
    Current liabilities:        
    Accounts payable $1,339  $414 
    Accrued clinical trial and manufacturing expenses  2,615   4,253 
    Accrued expenses and other liabilities  9,673   8,181 
    Operating lease liabilities  1,741   1,803 
    Deferred revenue  4,935   6,950 
    Total current liabilities  20,303   21,601 
    Contingent consideration  2,013   1,051 
    Deferred revenue  161,312   166,963 
    Deferred tax liabilities  3,531   3,527 
    Operating lease liabilities  30,855   31,636 
    Other long-term liabilities  753   940 
    Total liabilities  218,767   225,718 
    Commitments and contingencies        
    Stockholders' equity:        
    Preferred stock      
    Common stock  8   8 
    Additional paid-in capital  557,263   552,077 
    Accumulated other comprehensive income  439   414 
    Accumulated deficit  (511,094)  (486,904)
    Total stockholders' equity  46,616   65,595 
    Total liabilities and stockholders' equity $265,383  $291,313 

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  3. BERKELEY, Calif., June 24, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today announced that the first patient with IgA nephropathy has been dosed in a Phase 1 clinical trial of BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors.

    "We are thrilled to have dosed the first patient with IgA nephropathy in the Phase 1 clinical study of our investigational anti-APRIL antibody, BION-1301," said Dimitry S.A. Nuyten…

    BERKELEY, Calif., June 24, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today announced that the first patient with IgA nephropathy has been dosed in a Phase 1 clinical trial of BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors.

    "We are thrilled to have dosed the first patient with IgA nephropathy in the Phase 1 clinical study of our investigational anti-APRIL antibody, BION-1301," said Dimitry S.A. Nuyten, M.D., Ph.D., chief medical officer of Aduro. "The data Aduro recently presented from Parts 1 and 2 of this study in healthy volunteers at the 57th ERA-EDTA Virtual Congress indicated BION-1301 was well-tolerated, had a half-life of approximately 33 days, achieved over 90% target engagement with a single 450 mg dose of BION-1301 and demonstrated dose-dependent and durable reductions in IgA and IgM levels, and to a lesser extent, IgG levels. We look forward to hopefully replicating this effect in addition to exploring BION-1301's disease-modifying potential in patients with IgA nephropathy in Part 3 of the ongoing Phase 1 clinical study."

    Part 3 of the Phase 1 multi-center trial (see www.clinicaltrials.gov, identifier NCT03945318) is evaluating the safety and tolerability of BION-1301 in two cohorts of 20 total adult subjects with IgA nephropathy in an open-label multiple dose design. Cohort 1 will receive a 450 mg intravenous (IV) dose of BION-1301 every two weeks. The dose and regimen for Cohort 2 will be determined after an assessment of the first five patients dosed in Cohort 1 and will be based on all available data, including safety, pharmacokinetic, free-APRIL and pharmacodynamic data.

    Parts 1 and 2 of the Phase 1 trial evaluated the safety and tolerability of BION-1301 in 63 healthy volunteers in double-blinded, placebo-controlled single-ascending dose (SAD) and multiple-ascending dose (MAD) settings. Healthy volunteers in the SAD portion of the study received placebo or a single IV dose of BION-1301 ranging from 10 mg to 1350 mg on day 1. Healthy volunteers in the MAD portion of the study received placebo or IV doses of BION-1301 ranging from 50 mg to 450 mg on days 1, 15 and 29 (three doses total).

    About Aduro

    Aduro Biotech, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro's product candidates in the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways are being investigated in cancer, autoimmune and inflammatory diseases. ADU-S100 (MIW815), which potentially activates the intracellular STING receptor for a potent tumor-specific immune response, is being evaluated in combination with KEYTRUDA® (pembrolizumab), an approved anti-PD-1 monoclonal antibody, as a potential first-line treatment for patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN). BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, is being evaluated in IgA nephropathy. Aduro is collaborating with a number of leading global pharmaceutical companies to help expand and drive its product pipeline. For more information, please visit www.aduro.com.

    Cautionary Note on Forward-Looking Statements

    This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our current intentions or expectations concerning, among other things, the potential for BION 1301 for treatment of IgA nephropathy, replicating the results seen in healthy volunteers in patients, the determination of the dose and regimen for Cohort 2 based on safety, PK, free-APRIL and PD data, and collaborations with leading global pharmaceutical companies to help expand and drive our product pipeline. In some cases, you can identify these statements by forward-looking words such as "may," "will," "continue," "anticipate," "intend," "could," "project," "expect" or the negative or plural of these words or similar expressions.  Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, the risk that the proposed merger with Chinook Therapeutics, Inc. may not be completed in a timely manner or at all, which may adversely affect Aduro's business and the price of the common stock of Aduro; our history of net operating losses and uncertainty regarding our ability to achieve profitability, our ability to develop and commercialize our product candidates, our ability to use and expand our technology platforms to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, our reliance on third parties, and our ability to obtain and adequately protect intellectual property rights for our product candidates; and the effects of COVID-19 on our clinical programs and business operations. We discuss many of these risks in greater detail under the heading "Risk Factors" contained in our quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the Securities and Exchange Commission (SEC), and our other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

    Contact:
    Noopur Liffick
    510-809-2465

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    • BION-1301 was well-tolerated, with no serious adverse events (SAEs), treatment discontinuations or events meeting stopping criteria, across a wide range of doses

    • Pharmacokinetics (PK) of BION-1301 were generally dose-proportional with an estimated half-life of 33 days, suggesting the potential for monthly dosing
       
    • BION-1301 dose-dependently and durably reduced IgA and IgM, and to a lesser extent, IgG, providing a pharmacodynamic (PD) window to potentially exploit reductions in IgA while tempering reductions in IgG
       
    • No tox findings were reported in nonclinical toxicology studies of BION-1301 evaluating intravenous (IV) administration for up to 6 months and subcutaneous (SC) administration for up to 1 month

    BERKELEY, Calif., June 02, 2020 (GLOBE…

    • BION-1301 was well-tolerated, with no serious adverse events (SAEs), treatment discontinuations or events meeting stopping criteria, across a wide range of doses

    • Pharmacokinetics (PK) of BION-1301 were generally dose-proportional with an estimated half-life of 33 days, suggesting the potential for monthly dosing
       
    • BION-1301 dose-dependently and durably reduced IgA and IgM, and to a lesser extent, IgG, providing a pharmacodynamic (PD) window to potentially exploit reductions in IgA while tempering reductions in IgG
       
    • No tox findings were reported in nonclinical toxicology studies of BION-1301 evaluating intravenous (IV) administration for up to 6 months and subcutaneous (SC) administration for up to 1 month

    BERKELEY, Calif., June 02, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today announced the presentation of healthy volunteer data from the ongoing Phase 1 study of BION-1301 for the treatment of IgA nephropathy as well as data from long-term nonclinical studies. The findings are being presented as posters at the 57th European Renal Association – European Dialysis and Transplant Association (ERA-EDTA) Fully Virtual Congress.

    "Preclinical studies have demonstrated that the APRIL pathway represents a key regulator of IgA, IgM and to a lesser extent, IgG production, which we believe could be relevant in IgA nephropathy," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "These comprehensive datasets indicate that the biology of APRIL and its blockade by BION-1301 translate well from nonclinical studies to human subjects. Together with our newly developed subcutaneous formulation, we believe Aduro can effectively evaluate whether BION-1301 demonstrates disease-modifying potential in IgA nephropathy patients."

    Study Design and Findings from Ongoing Phase 1 Trial of BION-1301

    The data is being presented in a poster titled, "Results of a Phase 1 Trial to Investigate the Safety, Tolerability, Pharmacokinetics, and Pharmacodynamics of BION-1301 in Healthy Volunteers." The phase 1 multi-center trial (see www.clinicaltrials.gov, identifier NCT03945318) evaluated the safety and tolerability of BION-1301 in 63 healthy volunteers in double-blinded, placebo-controlled single-ascending dose (SAD) and multiple-ascending dose (MAD) settings. Healthy volunteers in the SAD portion of the study received placebo or a single IV dose of BION-1301 ranging from 10 mg to 1350 mg on day 1. Healthy volunteers in the MAD portion of the study received placebo or IV doses of BION-1301 ranging from 50 mg to 450 mg on days 1, 15 and 29 (three doses total).

    Key highlights from the poster presentation include:

    • BION-1301 was well-tolerated, with no SAEs, treatment discontinuations or events meeting stopping criteria, across a wide range of doses.
      • Non-neutralizing ADAs occurred in less than 10% of subjects with no correlation to dose.
         
    • The PK profile of BION-1301 was well-behaved, generally dose proportional, and had a half-life of approximately 33 days, suggesting the potential for monthly dosing.
       
    • BION-1301 demonstrated a dose-dependent increase in target engagement as measured by free APRIL levels in serum; over 90% target engagement was achieved with a single 450 mg dose.
       
    • BION-1301 dose-dependently and durably reduced IgA and IgM levels, and to a lesser extent, IgG levels. At all doses tested, IgG levels remained in the normal lab range, thereby providing a PD window to potentially exploit reductions in IgA, while tempering reductions in IgG.

    Work is ongoing to further characterize changes in exploratory biomarkers, including Gd-IgA1 and immunophenotyping of B-cell subsets. Part 3 of this ongoing Phase 1 study is currently open and enrolling adult patients with IgA nephropathy in an open-label setting.

    Study Design and Findings from Long-Term Nonclinical Studies of BION-1301

    The data is being presented in a poster titled, "BION-1301, a Fully Blocking Antibody Targeting APRIL for the Treatment of IgA Nephropathy: Assessment of Safety, Toxicokinetics and Pharmacodynamics in Long-Term Nonclinical Studies." The objectives of the nonclinical studies were to evaluate the toxicity and determine the toxicokinetics of BION-1301 upon repeat dosing via IV and SC routes of administration in cynomolgus monkeys.

    Key highlights from the poster presentation include:

    • BION-1301 was well-tolerated in sexually mature cynomolgus monkeys with biweekly IV dosing up to 100 mg/kg per dose for 26 weeks, and with weekly SC dosing up to 180 mg/kg per dose for up to 4 weeks.
       
    • BION-1301 led to decreased free APRIL levels in serum after repeat dosing via IV and SC routes of administration.
       
    • BION-1301 demonstrated marked and durable reduction in levels of IgA and IgM, and to a lesser extent, IgG.
       
    • A strong dose-dependent PK-PD relationship was recorded for BION-1301 with free APRIL, IgA and IgM in serum.

    Both poster presentations demonstrate PD data consistent with modulation of APRIL levels in the blood and are supportive of the clinical development of BION-1301 in patients with IgA Nephropathy.

    Live Conference Call and Webcast

    Aduro will host a live conference call and webcast on Monday, June 8, 2020 at 1:00 pm PDT to review the data in healthy volunteers from the ongoing Phase 1 study of BION-1301 for the treatment of IgA nephropathy as well as data from long-term nonclinical studies. Members of the Aduro executive team will be joined by Dr. Jonathan Barratt, the Mayer Professor of Renal Medicine at University of Leicester.

    Conference Call and Details
    To access the call, please dial (844) 309-0604 (domestic) or (574) 990-9932 (international) and provide the Conference ID 8568238 to the operator.

    To access the live webcast and subsequent archived recording of this and other company presentations, please visit the investor section of Aduro's website at www.aduro.com. The archived webcast will remain available for replay on Aduro's website for 90 days.

    To access a recording of the conference call, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and enter the Conference ID 8568238. The conference call recording will also be available for 90 days.

    About Aduro
    Aduro Biotech, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro's product candidates in the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways are being investigated in cancer, autoimmune and inflammatory diseases. ADU-S100 (MIW815), which potentially activates the intracellular STING receptor for a potent tumor-specific immune response, is being evaluated in combination with KEYTRUDA® (pembrolizumab), an approved anti-PD-1 monoclonal antibody, as a potential first-line treatment for patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN). BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, is being evaluated in IgA nephropathy. Aduro is collaborating with a number of leading global pharmaceutical companies to help expand and drive its product pipeline. For more information, please visit www.aduro.com.

    Cautionary Note on Forward-Looking Statements
    This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our current intentions or expectations concerning, among other things, the potential for BION 1301 for treatment of IgA nephropathy, the potential for monthly and/or subcutaneous dosing of BION 1301, the outcome of our ongoing work to further characterize changes in exploratory biomarkers, continued advancement of our programs, timelines for our programs, including expected timing for presentations of clinical and non-clinical data and collaborations with leading global pharmaceutical companies to help expand and drive our product pipeline. In some cases, you can identify these statements by forward-looking words such as "may," "will," "continue," "anticipate," "intend," "could," "project," "expect" or the negative or plural of these words or similar expressions.  Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our history of net operating losses and uncertainty regarding our ability to achieve profitability, our ability to develop and commercialize our product candidates, our ability to use and expand our technology platforms to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, our reliance on third parties, and our ability to obtain and adequately protect intellectual property rights for our product candidates; and the effects of COVID-19 on our clinical programs and business operations. We discuss many of these risks in greater detail under the heading "Risk Factors" contained in our quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the Securities and Exchange Commission (SEC), and our other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. 

    Contact:
    Noopur Liffick
    510-809-2465

    Primary Logo

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  4. – Combined Company Will Operate as Chinook Therapeutics and Advance Pipeline of Clinical-Stage Programs in Kidney Diseases, Led by Atrasentan and BION-1301 in IgA Nephropathy

    – Combined Company Will be Well-Funded With Cash Position of ~$200 Million Expected at Closing, Including $25 Million in Additional Investment Committed by Chinook's Existing Investors

    Multiple Clinical and Regulatory Pipeline Milestones Planned for Combined Company Over the Next 12-18 Months

    – Companies to Host Joint Conference Call on Tuesday, June 2, 2020 at 8:30 am EDT

    BERKELEY, Calif., VANCOUVER, British Columbia and SEATTLE, Wash., June 02, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. ("Aduro") (NASDAQ:ADRO) and Chinook Therapeutics, Inc. ("Chinook"), a privately…

    – Combined Company Will Operate as Chinook Therapeutics and Advance Pipeline of Clinical-Stage Programs in Kidney Diseases, Led by Atrasentan and BION-1301 in IgA Nephropathy

    – Combined Company Will be Well-Funded With Cash Position of ~$200 Million Expected at Closing, Including $25 Million in Additional Investment Committed by Chinook's Existing Investors

    Multiple Clinical and Regulatory Pipeline Milestones Planned for Combined Company Over the Next 12-18 Months

    – Companies to Host Joint Conference Call on Tuesday, June 2, 2020 at 8:30 am EDT

    BERKELEY, Calif., VANCOUVER, British Columbia and SEATTLE, Wash., June 02, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. ("Aduro") (NASDAQ:ADRO) and Chinook Therapeutics, Inc. ("Chinook"), a privately held clinical-stage biotechnology company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced that the companies have entered into a definitive merger agreement pursuant to which Aduro will acquire all of the outstanding capital stock of Chinook in exchange for shares of Aduro common stock representing approximately 50 percent of Aduro's outstanding common stock immediately following completion of the transaction. The combined company is expected to have approximately $200 million in cash, cash equivalents and marketable securities at closing, including $25 million in additional financing committed by Chinook's existing investors. Following closing, which is expected to occur in the second half of 2020, Aduro will be renamed Chinook Therapeutics, Inc., and is expected to trade on the Nasdaq Global Market under the ticker symbol "KDNY".

    The combined company's pipeline will include:

    • Atrasentan, an investigational selective endothelin receptor antagonist, in clinical development for the treatment of IgA nephropathy and other primary glomerular diseases;
    • BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, in clinical development for the treatment of IgA nephropathy;
    • CHK-336, an investigational small molecule, in preclinical development for treatment of an ultra-rare orphan kidney disease; and
    • Additional research and discovery programs focused on the treatment of rare, severe chronic kidney diseases.

    The combined company plans to advance its pipeline through multiple clinical trials, including the following milestones anticipated over the next 12-18 months:

    • Report results from the ongoing Phase 1 trial of BION-1301 in patients with IgA nephropathy;
    • Initiation of a randomized Phase 3 trial of atrasentan for IgA nephropathy;
    • Initiation of a Phase 2 basket trial of atrasentan in primary glomerular diseases; and
    • Initiation of a Phase 1 trial of CHK-336 in an ultra-rare orphan kidney disease.

    Aduro is currently exploring strategic alternatives for its legacy programs outside of kidney disease, including the STING agonist program in collaboration with Novartis, cGAS-STING inhibitor program in collaboration with Lilly, and anti-CD27 program out-licensed to Merck, as well as deprioritized programs such as the anti-SIRPα and anti-CTLA-4 antibodies. Immediately prior to the closing of the proposed merger, Aduro stockholders will be issued contingent value rights representing the right to receive certain cash payments from proceeds received by Aduro, if any, related to its non-renal assets for a period of ten years following closing.

    "After an extensive and thorough review of strategic and potentially transformative options for Aduro, we are very pleased to announce a proposed merger with Chinook," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "We believe the combined company's strong pipeline, near-term milestones, seasoned leadership team and focus on kidney diseases offer an excellent opportunity to benefit patients and provide value to our stockholders."

    "The proposed merger with Aduro is a unique opportunity for Chinook to build a leading company in the kidney disease space, particularly by pursuing complementary approaches to treating IgA nephropathy with both atrasentan and BION-1301," said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. "The combined company will have the demonstrated expertise and strong balance sheet to advance its three lead programs towards multiple anticipated milestones over the next 12 to 18 months. I'm grateful to our existing investors, Versant, Apple Tree and Samsara, for their ongoing support and the additional capital they've committed to help build Chinook and advance our pipeline of novel product candidates for rare, severe chronic kidney diseases." 

    About the Proposed Merger
    Pursuant to the merger agreement, Aduro will acquire all of the outstanding capital stock of Chinook in exchange for the issuance of newly issued shares of Aduro common stock upon closing, subject to the satisfaction or waiver of customary closing conditions, including the receipt of the required approval of the Aduro stockholders and Chinook stockholders. Upon completion of the merger, Aduro's then-current equity holders and the former Chinook equity holders will each own approximately 50 percent of Aduro's common stock, calculated on a fully diluted basis, based upon an expected Aduro net cash balance of $145 million and expected Chinook cash and cash equivalents of $10 million at closing, but subject to adjustment for each company's actual balances at closing. Chinook's existing investors have also committed to invest an additional $25 million in convertible notes prior to closing, which will convert into Aduro common stock following the merger.

    Each of Versant Ventures, Apple Tree Partners, Samsara BioCapital, Abbvie, Inc., Morningside Venture (VI) Investments Limited, Morningside Foundation and Ultimate Keen Limited, as well as the directors and certain officers of both companies, representing a total of approximately 85% of the outstanding stock of Chinook and approximately 22% of the outstanding stock of Aduro, have signed support agreements committing to vote in favor of the transaction and lock-up agreements restricting transfers of the combined company's stock for 180 days post-closing.

    The transaction has been unanimously approved by the board of directors of both companies. The combined company will be headquartered out of Chinook's existing facilities in Vancouver, BC and Seattle, Washington.

    SVB Leerink is acting as exclusive financial advisor and Latham & Watkins LLP is serving as legal counsel to Aduro. MTS Health Partners is acting as exclusive financial advisor and Fenwick & West LLP is serving as legal counsel to Chinook. 

    Management and Organization
    Effective as of the closing of the transaction, Eric Dobmeier will be the president and chief executive officer of the combined company. Senior leadership of the combined company will also include Tom Frohlich as chief business officer, Alan Glicklich, M.D., as chief medical officer, Andrew King, D.V.M., Ph.D., as head of renal discovery and translational medicine and Renata Oballa, Ph.D., as vice president of chemistry. In connection with the merger, Stephen T. Isaacs, chairman, president and chief executive officer of Aduro, will be stepping down.

    Additionally, effective as of the closing of the merger, the board of directors of the combined company will be comprised of seven directors: Eric Dobmeier, president and chief executive officer of Chinook Therapeutics; Jerel Davis, Ph.D., managing director at Versant Ventures; Srini Akkaraju, M.D., Ph.D., managing general partner at Samsara BioCapital; William M. Greenman, president and chief executive officer of Cerus Corporation; and Ross Haghighat, founder, chairman and managing partner of Triton Systems, Inc.; and two additional independent directors.

    Conference Call Details                                                                     
    Chinook and Aduro will host a live conference call and webcast on Tuesday, June 2, 2020, at 8:30 am EDT to discuss the proposed transaction. To access the call, please dial (833) 979-2734 (toll-free) or (778) 560-2727 (international) and provide the conference ID 5387085.

    Additionally, Chinook management will present an overview of the company and its pipeline at the Jefferies Virtual Healthcare Conference on Wednesday, June 3, 2020, at 3:30 pm EDT.

    To access the live webcasts and subsequent archived recordings of these and other company presentations, please visit the investor section of Aduro's website at www.aduro.com or Chinook's website at www.chinooktx.com. The archived webcasts will remain available for replay on Aduro's and Chinook's websites for 90 days.     
                                                  
    About Aduro
    Aduro Biotech, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro's product candidates in the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways are being investigated in cancer, autoimmune and inflammatory diseases. ADU-S100 (MIW815), which potentially activates the intracellular STING receptor for a potent tumor-specific immune response, is being evaluated in combination with KEYTRUDA® (pembrolizumab), an approved anti-PD-1 monoclonal antibody, as a potential first-line treatment for patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN). BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors, is being evaluated in IgA nephropathy. Aduro is collaborating with a number of leading global pharmaceutical companies to help expand and drive its product pipeline. For more information, please visit www.aduro.com.

    About Chinook Therapeutics
    Chinook Therapeutics, Inc. is a clinical-stage biotechnology company developing precision medicines for kidney diseases. The company's pipeline is focused on rare, severe chronic kidney disorders with opportunities for well-defined and streamlined clinical pathways. Chinook's lead program is atrasentan, an investigational endothelin receptor antagonist in development for the treatment of IgA nephropathy and other primary glomerular diseases. The company is also advancing a preclinical development candidate for an undisclosed ultra orphan kidney disease and research programs for other rare, severe chronic kidney diseases, including polycystic kidney disease. Chinook seeks to build its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with mechanisms of action against key kidney disease pathways. Chinook is backed by leading healthcare investors, Versant Ventures, Apple Tree Partners, and Samsara BioCapital, and is based in Vancouver, British Columbia and Seattle, Washington. For more information visit www.chinooktx.com.

    Non-Solicitation                                                 
    This communication is for informational purposes only and does not constitute a recommendation, an offer to sell or solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Important Information and Where to Find It                                                 
    This communication may be deemed to be solicitation material in respect of the proposed transaction between Aduro and Chinook. In connection with the proposed transaction, Aduro intends to file relevant materials regarding the transaction with the Securities and Exchange Commission ("SEC") and otherwise provide such materials to its stockholders, including a registration statement on Form S-4 that will contain a proxy statement, prospectus and information statement. This communication is not a substitute for the proxy statement, prospectus, information statement or any other document that may be filed by Aduro with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Stockholders may obtain, free of charge, copies of the definitive proxy statement and any other documents filed by Aduro with the SEC in connection with the proposed transaction at the SEC's website (http://www.sec.gov) and at Aduro's website (www.aduro.com).

    Participants in the Solicitation
    Aduro and its directors, executive officers and certain employees and other persons, and Chinook and its directors, executive officers and certain employees and other persons, may be deemed to be participants in the solicitation of proxies from Aduro's stockholders in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the merger will be included in the proxy statement, prospectus and information statement referred to above. Additional information regarding the directors and executive officers of Aduro and their security holdings is included in Aduro's Definitive Proxy Statement on Schedule 14A relating to the 2020 Annual Meeting of Stockholders, filed with the SEC on March 24, 2020. This document is available free of charge at the SEC website (www.sec.gov) or at Aduro's website(www.aduro.com). To the extent the security holdings by Aduro's directors and executive officers have changed since the amounts set forth in Aduro's Definitive Proxy Statement on Schedule 14A relating to the 2020 Annual Meeting of Stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

    Cautionary Note on Forward-Looking Statements
    Certain of the statements made in this press release are forward looking for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including those relating to the benefits of the merger, future management and the board of directors of the combined company, statements regarding the expected ownership in the combined company of the former Chinook securityholders and securityholders of Aduro as of immediately prior to the Merger, Aduro's and Chinook's respective businesses, the strategy of the combined company, future operations, advancement of its product candidates and product pipeline, clinical development of the combined company's product candidates, including expectations regarding timing of initiation and results of clinical trials of the combined company, cash resources of the combined company following closing of the proposed transaction, the ability of Aduro to remain listed on the Nasdaq Stock Market, strategic options for Aduro's legacy programs outside of kidney disease, the completion of any financing and the receipt of any payments under the CVRs. In some cases, you can identify these statements by forward-looking words such as "may," "will," "continue," "anticipate," "intend," "could," "project," "expect" or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Aduro's business and the price of the common stock of Aduro; the failure of either party to satisfy any of the conditions to the consummation of the proposed transaction, including the adoption of the merger agreement by Aduro's stockholders and the receipt of certain governmental and regulatory approvals; uncertainties as to the timing of the consummation of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed transaction on Aduro's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from Aduro's ongoing business operations; the outcome of any legal proceedings that may be instituted against Aduro related to the merger agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; Aduro's history of net operating losses and uncertainty regarding its ability to achieve profitability; Aduro's ability to develop and commercialize product candidates; Aduro's ability to use and expand technology platforms to build a pipeline of product candidates; Aduro's ability to obtain and maintain regulatory approval of product candidates; Aduro's ability to operate in a competitive industry and compete successfully against competitors that have greater resources; Aduro's reliance on third parties; Aduro's ability to obtain and adequately protect intellectual property rights for product candidates; and the effects of COVID-19 on clinical programs and business operations. Aduro discusses many of these risks in greater detail under the heading "Risk Factors" contained in its quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 4, 2020, and its other filings with the SEC. Any forward-looking statements in this press release speak only as of the date of this press release. Neither Aduro nor Chinook assumes any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

    Contacts:
    Noopur Liffick
    VP, Investor Relations & Corporate Communications
    Aduro Biotech, Inc.

    aduro.com

    Ian Stone
    Canale Communications
    (619) 849-5388

    Primary Logo

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