11:30 AM
 | 
Jul 12, 2018
 |  BC Extra  |  Financial News

Assembly raises $144M follow-on

Assembly Biosciences Inc. (NASDAQ:ASMB) raised $144 million late Wednesday through the sale of 4 million shares at $36 in a follow-on underwritten by Jefferies, Leerink, William Blair, Mizuho Securities, Baird and National Securities Corp.

The price is a 10% discount to Assembly’s close of $39.78 on Tuesday, before the company proposed the offering after market close. Assembly dropped $3.07 to $36.71 on Wednesday and was up $5.19 (14%) to $41.90 on Thursday.

Assembly expects data next half from two Phase IIa trials of lead candidate ABI-H0731 to treat chronic HBV infection. The candidate is an HBV core protein allosteric modulator. A next-generation HBV core protein allosteric modulator is expected to enter Phase I testing next quarter.

Last year, Assembly licensed preclinical microbiome therapeutics ABI-M201 and ABI-M301 to Allergan plc (NYSE:AGN). The products are in development to treat ulcerative colitis and Crohn’s disease, respectively, and are based on the company’s Gemicel platform, which is designed to facilitate oral delivery of live biologics and other therapies to the lower gastrointestinal tract. Assembly said it aims to start Phase Ib studies of ABI-M201 next year to treat UC (see "Allergan in Deals with Lysosomal Therapeutics, Assembly").

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