Prokidney announces purchase of manufacturing facility in greensboro, nc

Winston-salem, n.c., june 13, 2023 (globe newswire) -- prokidney corp. (nasdaq: prok) (“prokidney” or the “company”), a leading late clinical-stage cellular therapeutics company focused on preserving kidney function in patients suffering from chronic kidney disease (ckd), today announced its agreement to purchase a 210,000 square foot facility and approximately 22 acres of land in greensboro, n.c., to support the company's future commercial manufacturing needs for react®, its proprietary renal autologous cell therapy, currently in phase 3 development for the treatment of diabetic ckd. under the purchase agreement, prokidney will pay approximately $25.5 million in cash for the facility and property. the transaction is expected to close by the end of june 2023, subject to customary closing conditions. the company plans to make investments in the facility through 2028 to prepare for potential commercial-scale manufacturing.
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