#KeiretsuExit EV Connect acquired by Schneider Electric see more
The acquisition enables EV Connect to accelerate its growth, support customers and empower energy companies by optimizing EV charging infrastructure. A 10x return for Keiretsu Members!
SEATTLE, WA, July 7, 2022 – Exciting developments in the world of electric vehicles!
We are delighted to announce that Keiretsu Forum portfolio company EV Connect, a leading provider of electric vehicle (EV) charging solutions, has been acquired by Schneider Electric, a leader in energy management and automation. With a solid foundation in sustainability and electric mobility, Schneider Electric's acquisition of EV Connect will accelerate the company's growth. Along with the current management team, CEO and founder Jordan Ramer will continue to lead EV Connect's operations as an independent subsidiary, remaining focused on customer service and the company's overall mission.
"We are thrilled to partner with Schneider Electric. They not only support our strategic goals, but fully embrace the value of electricity as a transportation fuel managed by a robust and feature-rich networked EV charging platform," said Jordan Ramer, CEO and founder at EV Connect. "With Schneider we are positioned to strengthen our presence in the EV market, and we look forward to the journey as we open a new chapter for EV Connect."
EV Connect customers include businesses installing chargers, municipalities and apartment building owners. This also includes EV charging network providers that operate public charging stations, electricity providers that own or support charging infrastructure, and companies that have recently used chargers to support their EV fleets.
“I think the main thing that Schneider is bringing to us is global reach,” Ramer said of the acquisition. EV Connect’s software now manages more than 10,000 EV-charging points across North America, but in the past few months, it has begun working with Schneider in 14 countries in Europe, he said.
“At Schneider Electric, we believe that electric and digital are the recipe for a more sustainable and more resilient world,” said Nadege Petit, Chief Innovation Officer at Schneider Electric. “EV Connect has a very similar vision. We look forward to working together to accelerate the EV revolution.”
About EV Connect
EV Connect is on a mission to build a better planet by enabling electricity as a transportation fuel. Through its innovative and open charging platform, EV Connect simplifies the set-up, management, and optimization of charging stations with premium customer service, from installation to driver support. EV Connect guides companies of all sizes in managing networks of chargers and delivers a seamless EV charging experience that empowers drivers. Established in 2010, EV Connect is a subsidiary of Schneider Electric which serves customers across 41 states in the U.S., including GM, Avista Utilities, Love’s Travel Stops, Verizon, Marriott, Hilton, Western Digital, ADP, New York Power Authority, and numerous municipalities. www.evconnect.com
About Schneider Electric
Schneider Electric's purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries. We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com
Source: EV Connect & Canary Media
#KeiretsuExit Kineta goes public through a merger with Yumanity Therapeutics see more
Seattle-based biotech company Kineta to go public alongside neuroscience firm Yumanity Therapeutics.
SEATTLE, WA, July 7, 2022 – Another successful exit for our portfolio company!
We are happy to share that Keiretsu Forum's portfolio company Kineta will merge with Yumanity Therapeutics in an all-stock transaction, which will advance Kineta's potential best-in-class VISTA-blocking immunotherapy.
Under the second definitive agreement, Kineta will become a wholly-owned subsidiary of Yumanity, and the combined public company will be renamed Kineta, Inc., which will focus on immuno-oncology and continue Yumanity's ongoing research collaboration with Merck & Co. in amyotrophic lateral sclerosis and frontotemporal dementia.
The combined company will be led by the current Kineta management team, including Kineta CEO Shawn Iadonato and President Craig Philips. Current Kineta shareholders are expected to own about 85% of the combined company, while existing Yumanity shareholders are expected to own about 15% of the combined company.
“After evaluating Yumanity’s strategic alternatives, management and our Board of Directors believes that the proposed transactions are in the best interest of Yumanity’s stockholders,” said Richard Peters, President and CEO of Yumanity. “We are excited that our lead clinical-stage neurology asset and unpartnered assets will continue to be developed and we are very enthusiastic about Kineta’s innovative oncology pipeline.”
“The proposed merger with Yumanity is a unique opportunity for Kineta to build a leading public immuno-oncology-focused company with a diversified pipeline of new treatments for cancer patients,” said Shawn Iadonato, Ph.D., CEO of Kineta. “Kineta has demonstrated expertise in developing novel immunotherapies that will enable us to advance our lead programs towards multiple milestones over the next 18 months.”
Kineta's Board of Directors unanimously approved the definitive merger agreement with Yumanity. The transactions are expected to close in the second half of 2022, subject to customary closing conditions, including approval by Yumanity shareholders.
Kineta is a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies that transform patients’ lives. Kineta has leveraged its expertise in innate immunity with an intent to develop first or best-in-class immunotherapies that address the major challenges with current cancer therapy. Kineta has been supported by institutional investors including CBI USA, Genetox Co. Ltd., RLB Holdings, Yulho Co. Ltd., Humedix Co. Ltd. and others. For more information, please visit www.kinetabio.com.
About Yumanity Therapeutics
Yumanity is a clinical-stage biopharmaceutical company dedicated to accelerating the revolution in the treatment of neurodegenerative diseases through its scientific foundation and drug discovery platform. Yumanity’s drug discovery platform enables the company to rapidly screen for potential disease-modifying therapies by overcoming the toxicity of misfolded proteins associated with neurogenerative diseases. Yumanity’s pipeline consists of programs focused on Parkinson’s disease, Lewy body dementia, multi-system atrophy, amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease), frontotemporal lobar dementia (FTLD) and Alzheimer’s disease. For more information, please visit www.yumanity.com.
Source: Geekwire & Global News Wire
#KeiretsuExit Aprea Therapeutics acquires Atrin Pharmaceuticals see more
#KeiretsuBacked Atrin Pharmaceuticals get acquired by privately held biotechnology company Aprea Therapeutics.
SEATTLE, WA, July 7, 2022 – We are pleased to announce that Atrin Pharmaceuticals, a Keiretsu Forum portfolio company, has been acquired by Aprea Therapeutics. Aprea Therapeutics is a biopharmaceutical company focused on the development and commercialization of novel cancer therapies targeting DNA damage response pathways. With the acquisition of the Atrin, Aprea intends to shift its primary focus to the ATR inhibitor ATRN-119, which will be studied as both a monotherapy and in combination with standard of care in Phase 1/2a clinical trials in solid tumor malignancies.
“Aprea has explored a range of strategic alternatives to maximize shareholder value and we believe the acquisition of Atrin represents an opportunity to create substantial value for Aprea shareholders,” said Christian Schade, Chairman and Chief Executive Officer of Aprea. “The founders of Atrin are pioneers in the development of novel oncology compounds in the DNA damage pathway. We are excited to work with the Atrin team to begin clinical development of Atrin’s lead ATR program over the coming months, hasten the development of its differentiated WEE1 program, and support a robust platform to build a pipeline of novel inhibitors of the DDR pathway.”
“We are excited to join forces with Aprea and expedite the clinical development of our lead programs and drug development platform,” said Oren Gilad, Ph.D., the former Chief Executive Officer of Atrin. "Aprea’s knowledge of the p53 pathway in oncology is complimentary to Atrin’s in-house expertise in developing novel targets in the DNA damage response pathway. With supportive resources, we look forward to moving our programs into clinical development to better understand the importance of our robust synthetic lethality platform.”
About Atrin Pharmaceuticals
Atrin Pharmaceuticals is a private biopharmaceutical company pioneering the discovery & development of proprietary molecules targeting DNA Damage and Response (DDR) pathways to treat a broad spectrum of cancers associated with synthetic lethality and the deregulated DNA Damage Response. Atrin’s lead product is ATRN-119, a novel, potentially best-in-class small molecule ATR inhibitor. Atrin plans to initiate a first-in-human trial for ATRN-119 in early 2022. For more information, please visit the company website at www.atrinpharma.com
About Aprea Therapeutics, Inc
Aprea Therapeutics, Inc. is a biopharmaceutical company headquartered in Boston, Massachusetts with research facilities in Doylestown, Pennsylvania, focused on developing and commercializing novel cancer therapeutics that target DNA damage response pathways. The Company’s lead program is ATRN-119, a Phase 1-ready small molecule ATR inhibitor being developed for solid tumor indications. For more information, please visit the company website at www.aprea.com.
Source: Global News Wire