Kite Pharma, Inc., a Santa Monica, CA-based clinical-stage biopharmaceutical company focused on developing engineered autologous T cell therapy (eACT™) products for the treatment of cancer, completed a $50m mezzanine private financing of convertible notes.
Participants in the transaction included a syndicate of healthcare-dedicated investors, many of which are based in the United States and are first-time investors in Kite. Additional terms of the financing were not disclosed.
The company plans to use proceeds to advance its programs developing novel cancer immunotherapy products. Led by Dr. Arie Belldegrun, M.D., President and Chief Executive Officer, Kite is advancing an autologous eACT™ product that targets CD19 expression on B cell malignancies, including diffuse large B cell lymphoma (DLBCL). Additional programs will target a number of both hematological malignancies and solid tumors.