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Amicus raises USD 225mn
Posted on Thursday, 13 July 2017 13:32
Shares in Amicus Therapeutics fell in both after-hours and pre-market trading on news of an equity dilution worth USD 225.00 million to invest in the US and international commercial set-up for a Fabry disease candidate.
The New Jersey-headquartered rare and orphan illness-focused drug developer is putting 18.37 million shares on the block at USD 12.25 apiece, along with an overallotment option for a further 2.76 million stocks.
Proceeds will also finance manufacturing capabilities for ATB200, a recombinant human acid alpha-glucosidase enzyme for Pompe disease, fund continued clinical development of candidates, trial expenditures and other general corporate activities, such as in-licencing.
Incorporated in Delaware, Amicus is a Cranbury-headquartered, late-stage, patient-focused biotechnology company with global rights to three programmes each with USD 500.00 million to USD 1.00 billion estimated global market opportunities.
Migalastat HCl is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease, which is an inherited disorder resulting from the build-up of a particular type of fat in the body's cells.
Amicus was approved in the EU in May 2016 under the brand name Galafold as a first-line therapy for long-term treatment of adults and adolescents aged 16 years and older with a confirmed diagnosis and who have an amenable mutation.
The company intends to submit a new drug application to the Food and Drug Administration for migalastat for Fabry disease in the fourth quarter of 2017.
Amicus also has SD-101 in late-stage development for the chronic, rare connective tissue disorder epidermolysis bullosa and is leveraging its chaperone-advanced replacement therapy platform for Pompe and Fabry disease, and potentially other lysosomal storage disorders.
The group has an accumulated deficit of USD 834.60 million at 31st March 2017 and expects to incur losses throughout the financial year ended 31st December 2017 and beyond.
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