Kite Pharma Inc. disclosed today in an announcement that it secured a US$20 million private placement of its Series A preferred stock. Besides the US$20 million funding, Kite converted its US$15 million existing promissory notes into shares of Series A preferred stock.
A new investor, Alta Partners, took part in the round, together with current majority stockholders such as Dr. Arie Belldegrun, MD, Kite's Founder and Executive Chairman, Michael Milken, David Bonderman, Commercial Street Capital and Pontifax Ltd.
Incorporated into the financing deal, Ran Nussbaum, Managing Partner of Pontifax and Farah Champsi, Managing Director of Alta Partners will be seated at the Board of Directors of Kite. Arie Belldegrun welcomed them by saying, "We are pleased to welcome Farah and Ran, who will be adding their expertise to a very active and engaged Board. Their experience within the life sciences industry will be valuable to us as Kite enters its next stage of development and growth."
President and Chief Executive Officer of Kite Pharma, Dr. Aya Jakobovits, Ph.D commented, "We are extremely pleased with the significant level of interest in Kite and its programs by our existing investors and by Alta Partners, a premier life sciences investment firm."
Dr. Jakobovits further added that, "The new resources will allow us to advance clinical and manufacturing activities of eACT products directed to hematological and solid tumor indications."
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