Kura Oncology Reaches License Agreement With Janssen Pharmaceutica

(RTTNews) - Kura Oncology Inc. announced it has entered into an agreement with Janssen Pharmaceutica NV for an exclusive license to develop and commercialize tipifarnib in the field of oncology. Tipifarnib, a protein farnesyl transferase inhibitor, is a Phase 2-ready program that has demonstrated encouraging clinical activity in certain cancer patient populations and that may be further optimized using an appropriate patient selection strategy.

As per the terms of the agreement, Kura Oncology assumes sole responsibility for development and commercialization of tipifarnib in the field of oncology. Kura Oncology intends to advance tipifarnib into Phase 2 clinical trials in 2015 to evaluate its activity in patient populations where certain solid tumors are driven by activating mutation in the oncogene HRAS as well as in patients with hematologic malignancies.

In addition, Kura Oncology announced that it completed a private placement of its common stock to new institutional investors and existing investors that resulted in gross proceeds of approximately $60 million to the Company, including approximately $7.5 million in bridge notes that converted into common stock at the closing.

EcoR1 Capital was the lead investor in this financing, which included significant participation from Fidelity Management & Research Company, ARCH Venture Partners, Boxer Capital of Tavistock Life Sciences, Partner Fund Management, Nextech Invest, as well as a number of other well-known healthcare investors. Proceeds from the private placement will be used for the development of the Company's drug candidates, including tipifarnib, as well as preclinical pipeline programs.

In conjunction with the private placement, Kura Oncology completed a reverse merger with Zeta Acquisition Corp III, a public reporting company with no prior business operations.