Axsome Therapeutics Inc., of New York, said it priced an underwritten public offering of 2 million shares of its common stock at $87 each for gross proceeds of $174 million. The underwriters have been granted a 30-day option to purchase up to 300,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The company intends to use the proceeds to continue to fund the ongoing clinical development of its late-stage product candidates and for other general corporate purposes. The company’s shares (NASDAQ:AXSM) closed Thursday at $95.30, up $5.73.
Embera Neurotherapeutics Inc., of Boston, which is developing treatments for cocaine, nicotine and other addictions, said it completed its series B financing and also received two grant awards, which will fund phase II studies for EMB-001 in cocaine use disorder and smoking cessation. EMB-001, a combination product comprising two FDA-approved medications, the cortisol synthesis inhibitor metyrapone and the benzodiazepine oxazepam, simultaneously targets multiple neurological pathways that play a role in stress-induced, cue-induced and drug-induced addiction relapse.
Entera Bio Ltd., of Jerusalem, said it increased the size of its completed private placement offering to a select group of accredited investors. Gross proceeds of $14.3 million were generated from the sale of 6.04 million ordinary shares at $2.37 each. In addition, the company has granted the purchasers and certain finders an aggregate of 3.3 million three-year warrants to purchase up to an additional 3.3 million ordinary shares at an exercise price between $2.37 and $2.96 per share. The net proceeds will support the completion an ongoing phase II trial for oral parathyroid hormone (PTH) in osteoporosis, the filing of an IND for the program, ongoing development efforts to further develop additional compounds and finalize formulations for its PTH clinical candidate and general and administrative expenses. The company’s shares (NASDAQ:ENTX) closed Thursday at $2.04, down 2 cents.
Exicure Inc., of Skokie, Ill., said it intends to offer and sell shares of its common stock in an underwritten public offering and grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. The company intends to use the net proceeds from the offering to advance lead immunotherapy compound AST-008 through a phase Ib/II trial; to initiate a second arm in its phase Ib/II trial in cutaneous squamous cell carcinoma; to develop a spherical nucleic acid (SNA)-based therapeutic candidate for the treatment of Friedreich’s ataxia, initiate IND-enabling studies and advance it into phase I trials; to develop a second SNA therapeutic candidate for a neurology condition and initiate IND-enabling studies; and for general corporate purposes. The company’s shares (NASDAQ:XCUR) closed Thursday at $2.79, down 17 cents.
Forma Therapeutics Inc., of Watertown, Mass., said it closed a $100 million series D financing led by RA Capital Management, with participation from Cormorant Asset Management, Wellington Management, Samsara Biocapital and funds managed by Janus Henderson Investors, as well as an undisclosed healthcare investment fund. The proceeds will support the ongoing clinical development of FT-4202, its pyruvate kinase-R activator in clinical development as a potential disease-modifying therapy for sickle cell disease.
Freeline Ltd., of Stevenage, U.K., which is developing gene therapies for chronic systemic diseases, said Syncona Ltd. has committed to £61.1 million (US$80 million) in a series C financing and advanced the first tranche of £30.6 million. This funding will support the continuing development of its robust manufacturing platform and generate further data in its clinical programs for hemophilia B and Fabry disease.
Karolinska Development AB, of Stockholm, said its short-term financing needs have been secured through a SEK70 million (US$7.45 million) loan from Hong Kong-based Sino Biopharmaceutical Ltd. The facility has a one-year maturity and an annual interest rate of 8%.
Kinnate Biopharma Inc., of San Diego, raised $74.5 million in an oversubscribed series B financing. New investors Orbimed, Nextech Invest Ltd. and Vida Ventures LLC participated in the round along with existing investors Foresite Capital and Eshelman Ventures. Proceeds will be used to advance several development candidates from Kinnate’s existing programs into the clinic, and to fund new research programs. The funding will also be used to build out the Kinnate team.
Monopar Therapeutics Inc., of Chicago, said it priced an IPO of 1.11 million shares at $8 each. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 166,666 shares. The company’s pipeline includes Validive for the prevention of chemoradiotherapy-induced severe oral mucositis in oropharyngeal cancer patients. Its shares will trade on the Nasdaq Capital Market under the symbol MNPR.
Neoleukin Therapeutics Inc., of Seattle, said it priced an underwritten public offering of 8.925 shares at $8.40 each for gross proceeds of $75 million. The underwriters have been granted a 30-day option to purchase up to an additional 1.33 million shares. The company’s shares (NASDAQ:NLTX) closed Thursday at $10.68, up 47 cents.
Onconova Therapeutics Inc., of Newtown, Pa., said it entered into definitive agreements with two institutional investors for the sale in a registered direct offering priced at-the-market of 13.87 million shares and warrants to purchase up to 6.93 million shares at a combined purchase price of $0.36026 per share and associated warrant, for aggregate gross proceeds of approximately $5 million. The company intends to use the net proceeds for working capital and general corporate purposes. The company’s shares (NASDAQ:ONTX) closed Thursday at $0.31, up 1 cent.
Flagship Pioneering, of Cambridge, Mass., said it made an initial capital commitment of $50 million to Ring Therapeutics, which is developing first-in-class gene therapies using a new viral vector platform based on the human commensal virome. The company's technology will address many of the limitations of current DNA and gene therapies, such as limited access to diverse tissues, inability to redose, risk of genomic integration and poor tolerability.
Selecta Biosciences Inc., of Watertown, Mass., said it entered into definitive agreements to sell securities in a private placement with a group of institutional investors and certain members of the company’s board for gross proceeds of approximately $70 million. The net proceeds will be used primarily to fund the ongoing head-to-head phase II COMPARE trial of its lead product candidate, SEL-212, for the treatment of chronic refractory gout, its gene therapy programs and for general corporate purposes. The company’s shares (NASDAQ:SELB) closed Thursday at $2.12, up 66 cents.