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Aclaris to raise funds
Posted on Friday, 11 August 2017 13:30
US dermatological disease-focused biopharmaceutical company Aclaris Therapeutics is tapping stock market investors for USD 75.05 million to finance commercial activities and the research and development of its pipeline.
The Pennsylvanian drug group is diluting its equity through the issue of 3.26 million shares at USD 23.02 apiece, plus a possible exercise of an overallotment option comprising a further 489,000 scrips.
Lead candidate A-101 is a high-concentration hydrogen peroxide topical product in development as a prescription treatment for seborrheic keratosis (SK) a common non-malignant skin tumour.
In the first quarter of 2016, the company initiated two multi-centre, random, double blinded, vehicle-controlled phase III clinical trials and one open-label phase III.
After announcing positive top-line results from these studies, Aclaris submitted a new drug application (NDA) to the US Food and Drug Administration (FDA) in February which was accepted in May.
The prescription drug user fee act target action date for the completion of the FDA's review of the NDA is December 2017.
In addition, it is developing the JAK inhibitors, ATI-50001 and ATI-50002, which is in-licensed from Rigel Pharmaceuticals as potential treatments for the autoimmune dermatologic conditional alopecia areata.
Aclaris bought Confluence Life Sciences, a St Louis bioscience company founded by former Pfizer researchers to focus on novel kinase inhibitors for use in human and animal healthcare, earlier this month.
The acquisition adds small molecule drug discovery and preclinical development capabilities to its early-stage research and development activities in-house that are currently outsourced to third parties.
It also includes a pipeline of several preclinical candidates such as additional JAK inhibitors known as soft JAK inhibitors, as well as inhibitors of the MK-2 signalling pathway and inhibitors of interleukin-2-inducible T cell kinase.
Aclaris paid USD 9.70 million in cash and issued 349,527 shares of our common stock, with a value of USD 9.40 million.
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