RARE Daily

Apellis Raises $350 Million in Public Offering to Advance Complement Focused Pipeline

March 25, 2022

Apellis Pharmaceuticals, which is focused on treatments for rare, retinal, and neurological diseases, raised $350 million in an underwritten public offering of 7.5 million shares of its common stock at a public offering price of $47 per share.

In addition, Apellis granted the underwriters a 30-day option to purchase up to one million additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.

Apellis Pharmaceuticals focuses on therapeutics targeting the complement pathway and recently gained U.S. and EU regulatory approval for the first and only targeted C3 therapy, pegcetacoplan, for the treatment of adults with paroxysmal nocturnal hemoglobinuria who are anemic after treatment with a C5 inhibitor for at least three months.

In mid-March, Apellis reported that pegcetacoplan showed continuous and clinically meaningful effects at month 18 in the phase 3 DERBY and OAKS studies as a treatment for geographic atrophy (GA), and advanced form of age-related macular degeneration (AMD) and a leading cause of blindness. There are currently no approved treatments for GA.

The data showed that pegcetacoplan has potential for improving treatment effects over time with a favorable safety profile. Apellis plans to include the data from these two studies in an NDA submission planned for the second quarter of 2022.

Author: Rare Daily Staff

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