Yumanity Therapeutics Shares Trading Higher Today - Read Here Why

• Yumanity Therapeutics Inc (NASDAQ: YMTX) has agreed to sell its lead clinical-stage product candidate, YTX-7739, and discovery-stage neuroscience candidates to Janssen Pharmaceutica NV, a unit of Johnson & Johnson (NYSE: JNJ) for $26 million.

• Yumanity plans to distribute any remaining available cash proceeds from the sale to Yumanity stockholders via a one-time dividend and net cash requirements associated with the proposed merger between Yumanity and Kineta Inc.

• Under the second agreement, Kineta will become a wholly-owned subsidiary of Yumanity in an all-stock transaction, resulting in a combined publicly-traded company renamed Kineta Inc.

• Also Read: Yumanity Cuts 60% Of Its Workforce, Explores Strategic Alternatives.

• The combined entity will focus on immuno-oncology and continue Yumanity's ongoing research collaboration with Merck & Co Inc (NYSE: MRK) in amyotrophic lateral sclerosis and frontotemporal lobar dementia.

• Kineta's IND-ready lead asset is KVA12.1, a VISTA blocking immunotherapy to address the problem of immunosuppression in the tumor microenvironment. Kineta is also developing fully human antibodies that target CD27 and CD24.

• Shawn Iadonato will serve as Chief Executive Officer, and Craig Philips will serve as President of the combined company.

• Price Action: YMTX shares are up 47.9% at $2.10 during the premarket session on the last check Monday.

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