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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