Xenon of­fers $300M in shares af­ter tout­ing path ahead for MDD pro­gram de­spite PhII miss

Xenon Phar­ma­ceu­ti­cals has an­nounced a pub­lic of­fer­ing of $300 mil­lion in shares just days af­ter it un­veiled mixed Phase II da­ta for its ma­jor de­pres­sive dis­or­der pro­gram.

Al­though the can­di­date failed the study’s pri­ma­ry end­point, the com­pa­ny — and an­a­lysts — were bull­ish about its path for­ward giv­en its pos­i­tive safe­ty pro­file and sec­ondary end­point da­ta.

The pub­lic of­fer­ing is ex­pect­ed to close on Dec. 4, Xenon said in a com­pa­ny press re­lease on Wednes­day night. The Cana­di­an biotech end­ed Sep­tem­ber with a cash po­si­tion of $639.1 mil­lion, which it said would sup­port two Phase III stud­ies of its MDD can­di­date XEN1101 in two oth­er in­di­ca­tions of fo­cal on­set and pri­ma­ry gen­er­al­ized ton­ic-clonic seizures.

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