June 4, 2021 (Investorideas.com Newswire) Kindred Biosciences Inc. shares reached a new 52-week high after the company reported its parvovirus monoclonal antibody, KIND-030, demonstrated highly positive results in preventing deaths in dogs infected by parvovirus.
Biopharmaceutical company Kindred Biosciences Inc. (KIN:NASDAQ), which is focused on developing therapies that improve and save the lives of pets, yesterday announced “positive results from a pivotal efficacy study of KIND-030 in dogs infected by parvovirus.”
Kindred Biosciences indicated that in the randomized study, KIND-030 was administered to dogs that tested positive for canine parvovirus (CPV) infection. The firm explained that the pre-established primary endpoint in the study was animal survival and reported that the results from the trial showed a 100% survival rate in the treated group compared to a 43% survival rate in the control group. The company stated that the primary endpoint of the study was met, having successfully achieved a 0% mortality rate in the KIND-030 treated dogs versus a 57% mortality rate in the control dogs that were administered a placebo. The company noted that no other supportive care or other treatments were given in the study.
The firm listed that is partnered with Elanco Animal Health Inc. (ELAN:NYSE) to develop KIND-030, which was described as a monoclonal antibody that is currently being used to target CPV. The company advised that KIND-030 works by binding to critical portions of the virus, which prevents the virus from entering the cells.
Kindred Biosciences’ CEO Richard Chin, M.D., stated, “Parvovirus is a devastating disease currently without any available treatment…With 100% efficacy, we believe KIND-030 has the potential to revolutionize the care of these dogs. Instead of a lengthy and expensive hospitalization that is frequently ineffective and can leave the dog with permanent disabilities, the infected dogs can now be treated with a single injection without need for additional supportive care or hospitalization.”
Elanco Animal Health’s President and CEO Jeff Simmons commented, “We are excited to partner with Kindred Bio on this revolutionary treatment that can significantly improve the health and well-being of dogs… With our significant global reach and access to veterinarians and pet owners around the world, Elanco looks forward to leveraging our capabilities and skilled team of experts to advance and commercialize this novel treatment for pets globally.”
The company stated that KIND-030 has now shown to be effective as both a prophylactic therapy to prevent clinical signs of canine parvovirus infection and now as a treatment of established parvovirus infection. The firm stated that it expects the data from the latest efficacy study for the therapeutic benefits to be submitted to the U.S. Department of Agriculture (USDA) in June and that approval may be possible prior to the end of 2021.
The firm explained that “CPV is the most significant and contagious viral cause of enteritis in dogs, especially puppies, with mortality rates as high as 91% if untreated and that there are currently no U.S. Food and Drug Administration (FDA) or USDA approved treatments for CPV, nor any other available treatment.”
CPV is most frequently observed in puppies younger than 6 months old, but also may occur in unvaccinated dogs regardless of age. The report listed that there are about 250,000 CPV cases recorded annually in the U.S.
Kindred Biosciences is a biopharmaceutical company based in Burlingame, Calif., that is engaged in developing biologics able to save and improve the lives of family pets. The firm stated that it aims to offer pets medicines that offer the same level of safety and effectiveness that their human family members expect and enjoy. Kindred noted that its strategic development approach is to identify therapeutics that have already proven to be safe and effective for humans and to investigate the use of those compounds to target treatments for cats and dogs.
Kindred Biosciences began the day with a market cap of around $246.3 million with approximately 45.27 million shares outstanding and a short interest of about 3.1%. KIN shares opened slightly lower today at $5.35 (-$0.09, -1.65%) over yesterday’s $5.44 closing price and reached a new 52-week high this afternoon of $7.45. The stock has traded today between $5.20 and $7.45 per share and is currently trading at $7.03 (+$1.59, +29.23%).
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