ProQR Secures $59.2M Financing and AX-0810 Shows Eight-Fold Bile Acid Increase
PRQR•ProQR priced a 27.6 million-share direct offering at $1.81 per share for $50 million and executed a concurrent private placement with Eli Lilly raising $9.2 million. Phase 1 data for AX-0810 showed eight-fold serum bile acid increases, no serious adverse events and an eight-week half-life, supporting progression to next-generation AX-0811.
1. Direct Offering and Private Placement
ProQR issued 27,624,310 ordinary shares at $1.81 per share in a registered direct offering, generating approximately $50.0 million gross proceeds. Concurrently, Eli Lilly purchased 5,100,780 shares at the same price in a separate private placement for $9.2 million to maintain its pro rata ownership, with both transactions expected to close on June 26, 2026.
2. Positive Phase 1 AX-0810 Data
In an ongoing multiple ascending dose study, 33 healthy volunteers received 3 mg/kg, 6 mg/kg or 9 mg/kg AX-0810, with data reported from the 3 mg/kg and 6 mg/kg cohorts. AX-0810 produced up to an eight-fold increase in serum total bile acids—surpassing the predefined two-fold target—alongside dose-dependent conjugated bile acid and TUDCA changes, no serious adverse events or pruritus, and an eight-week half-life.
3. Advancement to Next-Generation AX-0811
Building on AX-0810 target engagement, ProQR’s AI-enabled discovery engine generated AX-0811, which demonstrated robust cholestasis reduction in preclinical models and is projected to achieve at least four-fold higher editing at lower doses with a half-life exceeding three months. The company plans to submit a clinical trial application for AX-0811 in mid-2026 and anticipates initial human data by year-end 2026.
