PMV to cut 30% of its work­force; Edge­wise, Es­pe­ri­on an­nounce pub­lic of­fer­ings

PMV Phar­ma­ceu­ti­cals to cut 30% of its em­ploy­ees: The Prince­ton, NJ-based com­pa­ny had 62 full-time em­ploy­ees as of Feb. 28. It ex­pects the cuts to ex­tend its cash run­way through 2026. PMV’s stock $PMVP was down about 10% on Fri­day morn­ing af­ter the an­nounce­ment.

Edge­wise Ther­a­peu­tics’ $240M of­fer­ing: The com­pa­ny, which is de­vel­op­ing ther­a­pies for mus­cle dis­eases, is sell­ing about 21.8 mil­lion shares of its com­mon stock at $11.00 a share. The of­fer­ing in­cludes sev­er­al new in­vestors like RA Cap­i­tal Man­age­ment, TCGX, and Ven­rock Health­care Cap­i­tal Part­ners. Edge­wise, which re­cent­ly launched a new web­site that aims to raise aware­ness about the rare dis­ease, plans to use the mon­ey it rais­es to sup­port the com­mer­cial launch of EDG-5506 for Beck­er mus­cu­lar dy­s­tro­phy if the ther­a­py re­ceives FDA ap­proval, among oth­er us­es.

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