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PTC raises $110 million in follow-on

February 14, 2014 1:23 AM UTC

PTC Therapeutics Inc. (NASDAQ:PTCT) raised $110 million through the sale of 4.5 million shares at $24.50 in a follow-on underwritten by JPMorgan and Credit Suisse. PTC filed to raise up to $75 million in the offering in late January, when its share price was $26.07. PTC's ataluren is in a Phase III trial for nonsense mutation Duchenne muscular dystrophy (DMD), with top-line data slated for mid-2015. This half, PTC plans to start a Phase III trial of ataluren for nonsense mutation cystic fibrosis (CF). The compound is a small molecule that facilitates complete translation of proteins containing nonsense mutations. ...