Chinook delays topline kidney condition data; Eluminex ropes in $40M+ in a Series B

Chinook’s readout of its Phase III ALIGN trial of atrasentan, a potential treatment for
chronic kidney diseases
, could be delayed by about three months, the company said in an SEC filing. The trial is looking at atrasentan in patients with
immunoglobulin A nephropathy (IgAN)
, a condition that can cause
kidney disease
. The company said the FDA recommended that it add 12 weeks to an interim analysis of patients’ urine protein levels or
. That would push back the
data to the fourth quarter of this year. The company said it’s planning to meet with the agency to discuss the recommendation. — Katherine Lewin
Eluminex Biosciences has bagged over $40 million in a Series B round
The biotech is currently focused on developing candidates in ophthalmology using recombinant human collagen technology. In a release, the biotech’s CEO Jinzhong Zhang said that Eluminex plans to use the cash to build out its pipeline. “We have made substantial pipeline progress since our $50 million Series A closure in November 2020, which was co-led by Lilly Asia Ventures, Hillhouse Capital, and Quan Capital,” Zhang said in the release. The company is also building a manufacturing facility in China to make its recombinant human collagen and other products, and is expected to launch those operations sometime in the middle of this year. The round was led by Cenova Capital and had participation from Guangzhou Yuexiu Industrial Investment Fund Management, Oriza Holdings and 3E Bioventures Capital, among others. —Tyler Patchen
Tra­vere Ther­a­peu­tics of­fers up $175M of its stock
California-based Travere Therapeutics is looking for some cash. In a release on Monday, Travere stated that, in an underwritten public offering, it will look to sell around $175 million worth of its common stock. All of the shares will be offered by the company. Travere will also allow the underwriters to offer a 30-day option to purchase up to an additional 15% of shares in the offering as well.
The move comes as the FDA approved Travere Therapeutics’ treatment for a
rare kidney disease
earlier this month, which came after the review was delayed by three months last year. The accelerated approval for sparsentan means Travere, formerly Martin Shkreli’s Retrophin, can now deliver the drug, which will be sold as Filspari, to patients with
IgA nephropathyine
. — Tyler Patchen