Inhibikase Secures $275M Funding, Advances IkT-001Pro to Late-Stage Trial in Pulmonary Hypertension

October 21, 2024 -- Inhibikase Therapeutics, Inc., a pharmaceutical company focused on developing Abelson Tyrosine Kinase inhibitor treatments for cardiopulmonary and neurodegenerative diseases, announced the completion of a notable private placement. This financing effort has raised approximately $110 million through the sale of common stock and warrants. This amount could potentially increase to $275 million if all issued warrants are exercised. The funds will be primarily used to advance the Phase 2b '702' trial of IkT-001Pro for Pulmonary Arterial Hypertension (PAH) and for general corporate needs.

Dr. Milton Werner, President and CEO of Inhibikase Therapeutics, highlighted that this significant financing reflects the company's dedication to developing treatments that can significantly benefit patients with serious diseases affecting the heart and nervous system. IkT-001Pro, a prodrug formulation of imatinib mesylate, aims to offer an improved safety profile compared to the original imatinib, which had shown promise in heart health improvement but was hindered by safety concerns. With this new investment, Inhibikase plans to push forward with IkT-001Pro, hoping it will provide a safer and more tolerable option for PAH patients. This product stems from the company's innovative approach to medicinal chemistry, which focuses on designing novel kinase inhibitors.

Simultaneously with the financing closure, Inhibikase announced new appointments to its Board of Directors. These include Roberto Bellini, Amit Munshi, Arvind Kush, and David Canner, all of whom bring extensive experience in biopharmaceutical development and financing. Bellini, Munshi, and Kush will also participate in the transaction. Bellini will serve as the Independent Chairperson of the Board. These changes follow the resignations of Gisele Dion and Dr. Paul Grint from the Board. The company expressed its gratitude for their contributions.

Expressing his enthusiasm, Bellini acknowledged the potential of IkT-001Pro as a treatment for PAH and looked forward to lending his expertise to help drive the company's strategic growth. Munshi, also excited about joining the Board, praised the leadership of Dr. Werner and the transformative potential of Inhibikase's work for patients with serious diseases. Kush echoed these sentiments, emphasizing the significance of the new capital in accelerating the development of IkT-001Pro.

IkT-001Pro represents an advancement in the treatment of PAH, addressing previous safety issues associated with imatinib. Phase 3 trials had shown imatinib's efficacy in improving heart health metrics but spotlighted its safety limitations. IkT-001Pro aims to overcome these issues, offering a safer alternative. Preclinical studies have demonstrated that IkT-001Pro is significantly safer than imatinib, reducing adverse side effects. The Phase 2b '702' trial, approved by the FDA for clinical entry, marks a critical step in the development of this therapeutic.

The securities offered in this private placement are not registered under the Securities Act of 1933 and are subject to specific regulatory exemptions. This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities.

Inhibikase Therapeutics is committed to developing therapies for cardiopulmonary and neurodegenerative diseases. Its pipeline includes risvodetinib for Parkinson's disease and other related conditions, and IkT-001Pro for PAH. The company leverages its RAMP™ medicinal chemistry program to identify new compounds that may address other neurological disorders. Headquartered in Atlanta, Georgia, with additional offices in Lexington, Massachusetts, Inhibikase continues to push the boundaries of medical science to improve patient outcomes.