10:03 PM
Oct 10, 2018
 |  BC Extra  |  Financial News

Gene therapy company Audentes raises $151M

On the heels of data for one of its gene therapies, Audentes Therapeutics Inc. (NASDAQ:BOLD) raised $150.8 million Wednesday through the sale of 5.2 million shares at $29 in a follow-on underwritten by BofA Merrill Lynch, J.P. Morgan, Cowen and Wedbush PacGrow. The price is a 21% discount to Audentes' close of $36.70 on Tuesday, when it proposed to raise $150 million.

The company slid 19% on Wednesday before pricing the offering after market hours. It lost another $2.70 to $27.13 on Thursday.

Last week, Audentes reported updated data from the Phase I/II ASPIRO trial of AT132 to treat X-linked myotubular myopathy (XLMTM) showing that the gene therapy led to improvements in neuromuscular and respiratory function from baseline up to 48 weeks post-treatment. The updated data included 16- to 48-week follow-up assessments among seven patients that received a 1x10^14 vector genomes per kg (vg/kg) dose of AT132 in the first cohort, and four-week follow-up from one patient that received a 3x10^14 vg/kg dose in the second cohort. Data were presented at the World Muscle Society meeting in Argentina.

No new serious adverse events (SAEs) were observed since May, when Audentes reported interim data from five patients in the first cohort followed up to 24 weeks, including six SAEs (see "Audentes Rises on Additional Myopathy Data").

Audentes reported data from its 24-week muscle biopsy analyses of the first dose cohort in August, and said an IDMC recommended proceeding to the second dose cohort. AT132 is an adeno-associated viral serotype 8 (AAV8) vector delivering the myotubularin 1 (MTM1) gene.

The company raised $201.3 million in a follow-on in January.

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