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Kimer Med $10M closer to goal of virus eradication

Media Release:

Nelson, New Zealand – 10 July 2024 – Kimer Med $10M closer to goal of virus eradication.

Biotech company Kimer Med is one big step closer towards its goal of eradicating viral disease and providing protection against future viral pandemics.

The award-winning company recently secured $10M from its Lead Investor as part of its Series A capital raise. Today Kimer Med listed on Catalist, a New Zealand stock exchange for growth businesses, to raise the final $4M to complete their Series A.

This funding news comes on the back of the company’s announcement last month of its antivirals registering hits against another four viruses, with their success to date now totalling 15 human viruses. In March, Kimer Med announced it had signed a contract funded by the US Department of Defense to develop a custom antiviral, worth up to $1.3M.

Co-founder and CEO Rick Kiessig said the $14M Series A funding will be used to make the final refinements to Kimer Med’s leading drug candidate, and complete the extensive pre-clinical testing that is required before a Phase 1 clinical trial. This work will necessitate establishing additional laboratory capacity, alongside an upgrade of production capability and employing more staff.

“We continue to achieve significant results in our Nelson lab, and as the risk of global pandemics grows, there’s no better time to take our work to the next stage,” he said. “Human vulnerability to viral diseases is increasing, particularly as the habitat of virus-spreading mosquitoes expands.”

“Diseases such as Dengue and Yellow Fever are no longer confined to the tropics, they now pose a risk to our shores. Dengue is as close as Samoa already and is spreading throughout USA and Europe.”

“The next pandemic may not roll out like Covid did. Instead, it could be a short, sharp and severe breakout, devastating our communities and health system in a matter of days,” he said. “As well as robust controls and surveillance programmes to mitigate the risk of disease-carrying mosquitoes coming into New Zealand, our healthcare system needs to be able to respond rapidly.”

“Broad-spectrum antivirals are key to the rapid health response. Like antibiotics against bacteria, antivirals provide a critical line of defence that can be deployed quickly and effectively, before or after exposure. By contrast, vaccines take time to develop, and won’t be ready and waiting when the next pandemic strikes.”

“The Independent Panel for Pandemic Preparedness has just released a report criticising world leaders for not being prepared for the next pandemic, leaving billions of people vulnerable,” he said. “I agree with this assessment, but we can’t sit and wait for Governments to catch up, the science must continue.”

Catalist investment opportunity

• There are around 220 viruses that cause death and disease in humans, but there are only approved antivirals for 11 of them. The market for these 11 viruses is worth NZ$97 billion in annual sales revenue.

• With no antiviral available for Dengue, and with its significant global impact, Dengue is Kimer Meds’ leading target. An antiviral for Dengue is an opportunity worth NZ$3.8 billion annually.

• Kimer Med’s detailed project plan and business growth strategy is based on out-licencing after successful Phase 1 trials, with profitability forecast by 2028.

• For more information, go to https://tinyurl.com/kimermed

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