Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares are trading higher Friday after the company announced the pricing of its $240 million underwritten offering of 21,818,182 shares at $11 per share.
The Details:
Edgewise anticipates gross proceeds from the offering to be approximately $240 million, before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on Jan. 23.
Edgewise Therapeutics intends to use the net proceeds from the offering to support the potential U.S. commercial launch of EDG-5506, completion of a Phase 3 trial with EDG-5506 in Duchenne, completion of Phase 2 trials of EDG-7500 and the advancement of its ongoing research and development programs.
The company presented its 2023 accomplishments and goals for 2024 at the J.P. Morgan Healthcare Conference on Jan. 9.
“In 2023, we had tremendous progress in the clinic advancing our novel oral therapeutics that are designed to treat severe muscle conditions,” said Kevin Koch, CEO of Edgewise.
“We are well positioned to execute on our 2024 milestones including important EDG-5506 data in muscular dystrophies, first-in-human studies in our EDG-7500 cardiac program, as well as preclinical exploration of novel cardiometabolic targets.”
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EWTX Price Action: According to Benzinga Pro, Edgewise Therapeutics shares are up 36% at $13.17 at the time of publication.
Image: Steve Buissine from Pixabay
