Disc Medicine Raises $62.5 Million Financing to Advance Portfolio of Novel Hematology Programs
February 14, 2023
Rare Daily Staff
Disc Medicine, a clinical-stage company focused on novel treatments for patients suffering from serious hematologic diseases, said it has entered into a securities purchase agreement with certain investors resulting in an aggregate $62.5 million in gross proceeds through a registered direct offering.
Bain Capital Life Sciences, who contributed $50 million, led the financing with participation from existing investors Access Biotechnology and OrbiMed.
The financing includes 1.5 million shares of the company’s common stock at a price of $23.00 per share and pre-funded warrants to purchase up to an aggregate of 1.2 million shares of common stock at a purchase price of $22.9999, which represents the per share offering price for the common stock less the $0.0001 exercise price for each pre-funded warrant. The offering is expected to close on or about February 15, 2023, subject to customary closing conditions.
“Our pipeline of three clinical-stage programs, each with therapeutic potential in a range of indications, is expected to provide a series of important clinical trial read-outs beginning mid-year,” said John Quisel, CEO and president of Disc Medicine. “This investment adds to the financial strength of the company and will enable us to pursue the development of our programs with confidence as we advance toward phase 2 data.”
This investment will primarily support development of Disc’s clinical-stage pipeline that aim to address a wide spectrum of hematologic diseases by targeting fundamental biological pathways of red blood cell biology, specifically heme biosynthesis and iron homeostasis.
Lead candidate bitopertin is a first-in-class, investigational, orally administered inhibitor of glycine transporter 1 (GlyT1) that is designed to modulate heme biosynthesis. It is currently being studied in patients with erythropoietic protoporphyria, a rare inherited metabolic disorder caused by mutations that result in a deficiency of the enzyme ferrochelatase, in the ongoing phase 2 BEACON and AURORA clinical trials. Disc expects to initiate a separate trial in Diamond-Blackfan Anemia patients in the first half of 2023. Studies in additional indications are being planned.
DISC-0974 is a first-in-class, experimental, anti-hemojuvelin monoclonal antibody designed to suppress hepcidin production and increase serum iron to enable erythropoiesis. It is currently being studied in an ongoing phase 1b/2 clinical trial in myelofibrosis patients with anemia. A separate trial in patients with anemia of chronic kidney disease not receiving dialysis is expected to initiate in the first half of 2023 and studies in other forms of anemia of inflammation are being planned.
MWTX-003 is a first-in-class, investigational, anti-TMPRSS6 monoclonal antibody designed to increase hepcidin production and suppress serum iron. An IND has been accepted by the FDA and a phase 1 clinical trial of MWTX-003 in healthy volunteers are expected to initiate in 2023. Disc plans to develop MWTX-003 as a treatment for polycythemia vera and other indications.
Photo: John Quisel, CEO and president of Disc Medicine
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