Viking leads a $46M raise for a struggling aTyr Pharma
With its share price in a swoon, San Diego-based aTyr Pharma $LIFE has inked a $46 million equity deal to fund its development work. Viking Global Investors led the raise with participation from EcoR1 Capital and Redmile Group. The group bought shares at $2.64.
Shares came close to $23 each in the spring of 2015, after the biotech went public at $14 a share. But the glory days didn’t last long, with the stock falling steadily. The biotech’s market cap started at $333 million; it’s now down to $63 million.
The biotech is focused on what it believes will be a new class of proteins called physiocrines. The scientific founder is Paul Schimmel out of Scripps. Their lead drug is Resokine, now in three clinical programs for severe, rare myopathies with an immune component