Media Coverage

KindredBio share price energized, sources more funding


Jul 13, 2017 - Animal Pharm

By Joseph Harvey
Animal Pharm
July 13, 2017 

US pet therapeutics company Kindred Biosciences has seen its share price more than double over the last year, as it moves towards commercialization of its fist products.

On June 29, the firm's share price was $9.25 each – its highest value since November 2015. The company's current share valuation is well in advance of its price this time last year, which was the around $4 mark.

The increase in the firm's stock valuation has come as KindredBio approaches commercialization. Last month, the company acquired a product manufacturing facility in Kansas. At the same time, KindredBio engaged in an agreement for the manufacture of Zimeta (dipyrone injection) for the control of pyrexia (fever) in horses.

On June 23, KindredBio joined the Russell 2000 Index stock exchange. Since this date, the firm's share price increased by approximately $2. KindredBio now has a market capitalization of around $180 million.

KindredBio has been ramping up R&D expenses as it approaches the latter end of its studies for Zimeta and Mirataz (mirtazapine transdermal ointment), which is for the management of weight loss in cats.

KindredBio's share price uplift

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Proposed public offering of common stock

San Francisco-based KindredBio has launched a public offering of three million shares of its common stock at $7.50 per share.

The company said it intends to use the $22.5 million proceeds from the offering for the expansion of commercial infrastructure in anticipation of future product approvals and launches, as well as for increasing its manufacturing capacity, the development of therapeutic candidates and for other general purposes. The offering is expected to close on July 17, 2017.

Reprinted with permission of Animal Pharm News

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