The financing round was led jointly by Alaska Permanent Fund Corporation, Cure Ventures, and The Column Group, with additional contributions from Euclidean Capital and Saisei Ventures.
Previously operating under the name Ryne Bio, Kenai has secured seed funding.
The company’s pipeline comprises RNDP-001, an induced pluripotent stem cell (iPSC)-derived, allogeneic dopamine progenitor cell therapy to treat idiopathic and inherited forms of Parkinson’s disease.
This product has demonstrated promising results in preclinical models for treating both idiopathic and inherited forms of Parkinson’s disease.
It also showed robust survival, innervation, and behavioural rescue.
This significant investment will facilitate the company in the submission of an investigational new drug (IND) application for RNDP-001 and the completion of the Phase I clinical trials.
These trials are anticipated to commence within the year.
The proceeds from the financing will not only support the progression of RNDP-001 but also bolster the development of its pipeline of advanced off-the-shelf dopamine neuron replacement cell therapeutics for various neurological disorders.
Kenai is committed to leveraging its expertise in allogeneic induced pluripotent stem cell (iPSC) technology to manufacture diverse human cell types for its therapeutics.
Kenai Therapeutics chair and board member and Cure Ventures partner Jeff Jonas said: “Kenai’s proprietary platform leverages an emerging approach to treating central nervous system disorders by replacing neurons lost due to neurodegeneration.
“The potentially curative nature of RNDP-001 for Parkinson’s disease could dramatically alter outcomes for patients with very few treatment options.”
Kenai’s approach involves collaboration with its contract manufacturing partner FUJIFILM Cellular Dynamics for executing the manufacturing and development works.
FUJIFILM Cellular Dynamics president and CEO Tomoyuki Hasegawa said: “As a global leader in the field of iPSCs, we are thrilled to support the Kenai Therapeutics team to achieve progress in this promising area of science for patients with neurodegenerative diseases.”