Chinook Therapeutics Reports Third Quarter 2020 Financial Results and Provides Business Update

• Upon closing of the merger with Aduro on October 5^th, Chinook had approximately $290 million in cash, cash equivalents and marketable securities to fund advancement of its pipeline of precision medicines for kidney diseases through the first half of 2023
  
  
• Company is on track to initiate the phase 3 ALIGN and phase 2 AFFINITY trials of atrasentan in early 2021, as well as a phase 1 clinical trial of CHK-336 in the second half of 2021
  
  
• Data expected from Part 3 of the ongoing phase 1 trial of BION-1301 in IgA Nephropathy (IgAN) patients in 2021

VANCOUVER, British Columbia and SEATTLE, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Chinook Therapeutics, Inc. (NASDAQ: KDNY), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced third quarter 2020 financial results and provided a business update.

“With a strong cash position, broad pipeline and productive research and development engine, Chinook is on a path to becoming a leading company developing precision medicines for kidney disease. We're employing a number of approaches to build our pipeline and address large unmet clinical needs, including utilizing biomarkers, novel translational platforms and patient stratification tools as well as targeting causal mutations and new accelerated regulatory pathways available in the kidney disease space,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “Next year we expect to have four ongoing clinical trials for our lead atrasentan, BION-1301 and CHK-336 programs, and plan to report multiple clinical and preclinical datasets across our pipeline.”

Recent Highlights

• Closed the merger with Aduro Biotech, Inc. on October 5^th and began trading on the Nasdaq Global Select Market under the symbol “KDNY,” with approximately $290 million in cash, cash equivalents and marketable securities.
  
  
• Completed a $115 million private placement financing with top-tier healthcare investors concurrent with the merger closing.
  
  
• Presented a preclinical poster at the American Society of Nephrology (ASN) Kidney Week 2020 Reimagined unveiling CHK-336, a first-in-class oral small molecule lactate dehydrogenase A (LDHA) inhibitor with the potential to treat all subtypes of primary hyperoxaluria (PH) and other disorders arising from excess oxalate.