PepGen, a Phase 1 biotech developing oligonucleotide therapies for neuromuscular diseases, raised $108 million by offering 9 million shares at $12, below the range of $13 to $15. The company offered 1.8 million more shares than anticipated.
The company is generating a pipeline of oligonucleotide therapeutic candidates for the treatment of severe neuromuscular and neurologic diseases using its Enhanced Delivery Oligonucleotide (EDO) platform, which was initially developed through a collaboration between researchers at the University of Oxford and the Medical Research Council of United Kingdom Research and Innovation. Its lead candidate, PGN-EDO51, is being developed for Duchenne muscular dystrophy (DMD) and recently entered a Phase 1 trial in healthy normal volunteers, with topline data anticipated by the end of 2022.
PepGen plans to list on the Nasdaq under the symbol PEPG. BofA Securities, SVB Leerink, Stifel, and Wedbush Securities acted as joint bookrunners on the deal.
