Edgewise Therapeutics Completes $95 Million Series C Financing to Advance Clinical Development of Muscular Dystrophy Program
By: Colorado BioScience Association Date: 12/09/2020
Edgewise Therapeutics, a clinical-stage biopharmaceutical company developing orally bioavailable, small molecule therapies for musculoskeletal diseases, today announced the closing of a $95 million Series C preferred stock financing led by Viking Global Investors. Additional new institutional investors participating in the financing included Janus Henderson Investors, Surveyor Capital (a Citadel company), RA Capital Management, Cormorant Asset Management, Logos Capital and Wellington Management. All of the company’s existing investors, OrbiMed, Novo Holdings, US Venture Partners (USVP), Deerfield Management, New Leaf Ventures and CureDuchenne Ventures, also participated in the offering. Proceeds from the financing will be used to advance clinical development of Edgewise’s lead drug candidate, EDG-5506, for Becker muscular dystrophy (BMD) and Duchenne muscular dystrophy (DMD), as well as the company’s other rare disease programs. The proceeds will also support potential future in-licensing opportunities and clinical collaborations in rare diseases.
“We are delighted to partner with this distinguished group of investors as we advance our drug pipeline,” said Kevin Koch, Ph.D., President and Chief Executive Officer of Edgewise. “We are excited about the potential of EDG-5506 for patients affected by BMD and DMD, who are currently underserved with limited treatment options.”
“We are impressed with the passion and commitment the Edgewise team brings to our important muscular dystrophy and other rare disease programs,” said Peter Thompson, M.D., Chairman of the Board of Directors and Co-Founder at Edgewise and Partner at OrbiMed. “We are thrilled to have such a strong syndicate supporting us through the company’s next phase of growth.”
Find out more in the official press release.