Disc Medicine dips after launching $350 million stock offering
IRON•Disc Medicine launched a $350 million offering of stock and pre-funded warrants, and its shares fell 1.5% in extended trading. The company plans to use proceeds for research and development and potential commercialization of bitopertin.
1. Offering details
Disc Medicine launched a $350 million offering comprising stock and pre-funded warrants. The company said it plans to use the net proceeds to fund research and development of current or additional product candidates and support potential commercialization of bitopertin for erythropoietic protoporphyria and X-linked protoporphyria, among other purposes.
2. Bitopertin trial results
Disc Medicine shares had risen 38.9% on Monday after bitopertin met all primary and secondary goals in a late-stage study for erythropoietic protoporphyria, a blood disorder that makes patients extremely sensitive to sunlight. The results clear a path for the company to resubmit the drug for FDA review after the regulator turned it down earlier this year.
