Biopharmaceutical Company Edgewise Therapeutics Closes $95 Million In Series C

By Dan Anderson ● Dec 15, 2020
  • Edgewise Therapeutics recently announced the closing of a $95 million Series C preferred stock financing led by Viking Global Investors. These are the details.

Edgewise Therapeutics — a clinical-stage biopharmaceutical company developing orally bioavailable, small molecule therapies for musculoskeletal diseases — recently announced the closing of a $95 million Series C preferred stock financing led by Viking Global Investors. And 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. And 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 of the funding will also support potential future in-licensing opportunities and clinical collaborations in rare diseases.

EDG-5506, is known for being an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy (DMD) and Becker muscular dystrophy (BMD). EDG-5506 presents a novel mechanism of action to selectively limit injurious hypercontraction stress caused by the absence of functional dystrophin. Plus EDG-5506 has the potential to benefit a broad range of patients suffering from debilitating rare neuromuscular disorders. It can be used as a single agent therapy but it may also provide a synergistic or additive effect in combination with available therapies and therapies currently in development.

And EDG-5506 is currently advancing in a Phase 1 randomized, placebo-controlled, double-blind, Single and Multiple Ascending Dose (SAD and MAD) trial. The study was designed to evaluate the safety, tolerability, pharmacokinetics (PK) and pharmacodynamics of EDG-5506 in adult healthy volunteers and adults with BMD. The study is going to enroll adult patients with BMD following appropriate safety, tolerability, and PK results of EDG-5506 in healthy volunteers.

KEY QUOTES:

“We are delighted to partner with this distinguished group of investors as we advance our drug pipeline. We are excited about the potential of EDG-5506 for patients affected by BMD and DMD, who are currently underserved with limited treatment options.”

— Kevin Koch, Ph.D., President and Chief Executive Officer of Edgewise

“We are impressed with the passion and commitment the Edgewise team brings to our important muscular dystrophy and other rare disease programs. We are thrilled to have such a strong syndicate supporting us through the company’s next phase of growth.”

— Peter Thompson, M.D., Chairman of the Board of Directors and Co-Founder at Edgewise and Partner at OrbiMed