Shares of Scholar Rock experienced a surge of 23% on Thursday, counterbalancing a year-to-date decline of 7%, following the biopharmaceutical company's announcement of an underwritten public offering. The company aims to raise approximately $85 million through the sale of 12.4 million shares, priced at $6.85 each.
The funds raised will be utilized to advance the development of apitegromab, a novel drug candidate in the company's pipeline. As part of this initiative, Scholar Rock plans to launch a Phase 2 trial in 2024 involving apitegromab and a GLP-1 receptor agonist.
Further ahead, the company intends to file an investigational new drug application by 2025 for SRK-439, its obesity treatment. This ambitious plan appears to have been well received by investors, as indicated by the significant uptick in the company's share price following the disclosure.
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