After mixed pipeline updates, RegenXBio to raise $175M in offering; BioElectron closes $40M to prep late-stage mitochondrial drug
→ Just a couple days after announcing some mixed pipeline updates that yo-yoed the stock, gene therapy company RegenXBio $RGNX is trotting out news of a stock offering totaling $175 million. The paperwork was actually filed on the same day as their pipeline updates, which could have contributed to investors’ moodiness earlier this week. The Rockville, MD-based company plans to sell 2.7 million shares of its common stock at $65 per share. That’s about fair, as the company’s stock price is hovering around that mark Friday morning. Proceeds, in part, are going towards the company’s pipeline of investigational therapies, including RGX-314, RGX-501, RGX-111, and RGX-121, according to the company’s SEC statement.
→ A late-stage clinical biotech in California, BioElectron, has closed $40 million in debt financing to prep for the launch of its mitochondrial disease drug EPI-743. The therapy targets key enzymes involved in the regulation of oxidative stress, inflammation, and cell death. On top of mitochondrial disease, it might also treat related disorders with shared biochemistry of oxidative stress and energetic dysfunction. The money will go toward obtaining an NDA and the resulting commercial rollout. Extra funds will also go toward BioElectron’s R&D pipeline, according to the company’s statement.