September 26, 2016 2:46 PM ET

Life Sciences Tools and Services

Company Overview of KineMed, Inc.

Company Overview

KineMed, Inc. develops and commercializes proprietary biomarker platform technology. The company focuses on applying its proprietary biomarker platform technology to drug development, prescription, and non-prescription medical diagnostics and the pairing of drugs with diagnostic biomarker tests. It plans to commercialize biomarkers in the areas of muscle biology, fibrotic diseases, neurodegenerative diseases, cardiometabolic diseases, skin care, and cancer. The company has a strategic collaboration with Pfizer Inc. to discover and develop novel proprietary biomarkers in various fields of unmet medical need; and an agreement with BioPharma Forest, Inc. to develop and commercialize synthetic G...

5980 Horton Street

Suite 470

Emeryville, CA 94608

United States

Founded in 2001

49 Employees

Phone:

510-655-6525

Fax:

510-655-6506

Key Executives for KineMed, Inc.

Co-Founder, Chairman and Chief Executive Officer
Age: 72
Co-Founder, Chairman of the Scientific Advisory Board, President, Chief Scientific Officer and Director
Age: 64
Chief Operating Officer
Age: 83
Chief Business Officer and Executive Vice President
Executive Vice President of Research & Development
Age: 45
Compensation as of Fiscal Year 2016.

KineMed, Inc. Key Developments

Motion for Asset Sale Approved for KineMed, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of KineMed, Inc. on July 28, 2016. The debtor has been authorized to sell its laboratory equipment to American Laboratory Trading, Inc. for a gross purchase price of $0.20 million and net purchase price of $0.16 million in cash. Buyer has paid $0.03 million upon the execution of the agreement. The proceeds will be used to pay to debtor’s secured lender MidCap Financial Trust.

Motion for Asset Sale Filed by KineMed, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of KineMed, Inc. on June 15, 2016. The debtor has been authorized to sell its certain assets to Sigma-Aldrich, Inc., for a purchase price of $0.13 million. The debtor’s assets include ownership interest in certain isotopes, namely 2.3 kilograms of D-Glucose-13C6. The proceeds from the sale will be paid over to Midcap Financial Trust in exchange for release of liens encumbering the assets.

DIP Financing Approved for KineMed, Inc.

The US Bankruptcy Court gave an order to KineMed, Inc. to obtain DIP financing on an interim basis on May 13, 2016. As per the order, the debtor has been authorized to obtain a DIP facility in the amount of $0.30 million out of a total commitment of $1 million from certain Individual Lenders. The lenders include Dan and Pat Haffner, David Chester, Dick and Jason Polder, Ken Boyd and Jonathan Segal. The DIP loan would carry an interest rate of 10% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a one-time loan fee of $25,000. The DIP facility would mature either on the first anniversary of the petition date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final DIP hearing is scheduled for June 1, 2016.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
May 4, 2016
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