June 29 Quick Takes: ReCode extends series B to $200M
Plus 89bio raises $94.5M and updates from Ipsen, Regeneron and more
An oversubscribed, $120 million series B extension financing will enable ReCode Therapeutics to expand and diversify its platform and pipeline to include mRNA and gene correction therapeutics for CNS, lung, liver and oncology indications. New investors Leaps by Bayer and AyurMaya co-led the fiancing, with participation from Amgen Ventures. ReCode, which is combining RNA therapies with an organ-specific lipid nanoparticle delivery system, raised the round’s initial $80 million in October.
On the heels of Tuesday afternoon’s news that long-acting FGF21 analog pegozafermin (BIO89-100) from 89bio Inc. (NASDAQ:ETNB) met the primary endpoint in the Phase II ENTRIGUE trial to treat severe hypertriglyceridemia, the company priced a stock and warrants offering at parity with Tuesday’s closing price of $3.55 to raise $94.5 million. The biotech sold 18.7 million shares plus warrants to purchase 9.3 million shares in a public offering; it also sold to certain investors prefunded warrants to buy 7.9 million shares and accompanying warrants for another 4 million shares. 89bio’s most recent quarterly regulatory filing said that of May 8, it had 20.3 million shares outstanding, giving it a market cap of $72 million at Tuesday’s close. 89bio priced the offering early Wednesday, then slipped $0.10 to $3.45 during trading hours. ...