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Kura Oncology Prices $100M Public Offering

NEW YORK – Kura Oncology on Wednesday priced an underwritten public offering expected to raise $100 million in gross proceeds, which the firm plans to use to advance its clinical-stage oncology pipeline, including a Phase II trial of the menin inhibitor ziftomenib in NPM1-mutated acute myeloid leukemia.

The San Diego-based company is selling 5,660,871 shares of common stock and pre-funded warrants to purchase 3,034,782 shares of its common stock, priced at around $11.50 per share or warrant. The exercise price of the pre-funded warrants is $.0001 per share. Kura is also giving underwriters a 30-day option to purchase up to 1,304,347 shares of common stock. The offering is expected to close on June 16.

Cantor and BTIG are lead managers; JMP Securities and H.C. Wainwright & Co are co-managers; and BofA Securities, Jefferies, and SVB Securities are joint bookrunning managers in the offering.

In February, Kura began a Phase II trial of ziftomenib in patients with NPM1-mutated relapsed or refractory AML after a Phase I trial yielded positive results. In that earlier study, 30 percent of patients who received ziftomenib experienced a complete response.

Kura is also evaluating ziftomenib with standard chemotherapy in a Phase I trial in patients with NPM1-mutated and KMT2A-rearranged AML. Its farnesyl transferase inhibitor tipifarnib plus Novartis' PI3K inhibitor Piqray (alpelisib) is undergoing a Phase I/II trial involving patients with PIK3CA-dependent head and neck squamous cell carcinoma.