Kura Oncology, Inc. (NASDAQ:KURA) Q3 2022 Earnings Conference Call November 3, 2022 8:00 AM ET

Corporate Participants

Pete De Spain - Senior Vice President of Investor Relations

Troy Wilson - President and Chief Executive Officer

Tom Doyle - Senior Vice President of Finance and Accounting

Conference Call Participants

Jonathan Chang - SVB Securities

Peter Lawson - Barclays

Roger Song - Jefferies

Li Watsek - Cantor Fitzgerald

Tiago Fauth - Credit Suisse

Phil Nadeau - Cowen

Reni Benjamin - JMP Securities

Operator

Ladies and gentlemen, please stand by. Good day and welcome to the Kara Oncology Third Quarter 2022 Earnings Conference Call. Today’s conference is being recorded. Now I would like to turn the conference over to your host, Pete De Spain, Senior Vice President of Investor Relations. Please go ahead.

Pete De Spain

Thank you, Jake. Good morning and welcome to Kura Oncology's third quarter 2022 conference call. Joining me on the call are Dr. Troy Wilson, our President and CEO, and Tom Doyle, our Senior Vice President of Finance and Accounting. Before I turn the call over to Dr. Wilson, I'd like to remind you that today's call will include forward-looking statements based on current expectations. Such statements represent management's judgment as of today and may involve risks and uncertainties that could cause actual results to differ materially from expected results. Please refer to Kura’s filings with the SEC, which are available from the SEC or on the Kura Oncology website for information concerning risk factors that could affect the company.

With that, I'll now turn the call over to Troy.

Troy Wilson

Thank you, Pete. And thank you all for joining us this morning.

Today we announced a $25 million equity investment from Bristol Myers Squibb priced at $18.25 per share. As part of the transaction BMS will appoint a member to our global steering committee and provide valuable strategic input into our global development strategy, notably will maintain full ownership and control of our programs and operations. We have very much appreciated our engagement with and feedback from our BMS colleagues who are leaders in the discovery and development of transformational cancer treatments. This equity investment strengthens the relationship between our organizations, and it provides us with key insights and expertise.

We're pleased to have the confidence of the BMS team, we look forward to working with them to deliver innovative science with the potential to benefit patients. This morning, we also announced a term loan facility from Hercules Capital, providing loan proceeds of up to $125 million, of which $10 million will be drawn immediately after closing. Hercules has a long history of investing in innovative biotechnology companies, and we are grateful for their support.