An­oth­er pub­lic biotech hops on the tri­al-win-to-stock-sale train, net­ting a nine-fig­ure raise

Af­ter un­veil­ing Phase II da­ta that, ac­cord­ing to Re­zo­lute, “ex­ceed­ed ex­pec­ta­tions” with a drug for con­gen­i­tal hy­per­in­sulin­ism, the Sil­i­con Val­ley-based biotech is now rais­ing a com­bined $130 mil­lion in a pri­vate place­ment to con­tin­ue clin­i­cal tri­als.

Re­zo­lute an­nounced Sun­day af­ter­noon that its lead can­di­date, RZ358, re­duced the time pa­tients with con­gen­i­tal hy­per­in­sulin­ism — a rare dis­or­der in which the pan­creas’ cells se­crete too much in­sulin — spent with hy­po­glycemia, or low blood sug­ar, by 56%. Hours lat­er, the com­pa­ny an­nounced that it was go­ing to raise $130 mil­lion “to fund the con­tin­ued ac­tiv­i­ties for de­vel­op­ment of RZ358” as well as for the oth­er drug in its pipeline, tar­get­ed at an eye dis­ease re­lat­ed to di­a­betes.

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