Sept. 26 Quick Takes: Early IgG readout lifts Immunovant

Shares of Immunovant Inc. (NASDAQ:IMVT) gained 97% to $39.96 Tuesday, bringing the company’s market cap north of $5 billion after it reported pharmacodynamic data from a first-in-human study of subcutaneous FCRN inhibitor IMVT-1402. The therapy led to dose-dependent IgG reductions without affecting albumin or LDL-C levels, which the company said suggests it could be best in class for IgG-mediated autoimmune diseases. IMVT-1402 follows Immunovant’s Phase III FCRN inhibitor, batoclimab. Shares of rival argenx Inc. (NASDAQ:ARGX), which markets FCRN inhibitor Vyvgart efgartigimod, fell about 5% on Tuesday, translating to a loss of $1.5 billion in market cap. Immunovant proposed to raise $300 million in a follow-on after market close.

Canaan and Alpha Wave co-led an oversubscribed €45 million ($48 million) series B round for Denmark-based Acesion Pharma ApS, which will use the money to complete Phase I and II trials of atrial fibrillation candidate AP31969, for which it reported clinical proof of concept this year. Acesion is developing the SK ion channel (KCNN1) inhibitor for chronic, oral treatment of atrial fibrillation. According to the company, AP31969 acts by converting atrial fibrillation to a normal sinus rhythm. Global BioAccess Fund and Novo Holdings participated in the financing, and Canaan’s Tim Shannon and Alpha Wave’s Nik Economopoulos joining Acesion’s board. ...