RARE Daily

Entrada Raises $100 Million Registered Direct Offering

June 24, 2024

Rare Daily Staff

Entrada Therapeutics entered into a securities purchase agreement with a group of investors in a registered direct offering for aggregate proceeds of approximately $100 million.

The offering, led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, was for the purchase of 3.4 million shares of common stock at $14.85 per share and up to 3.4 million of pre-funded warrants at $14.8499 per warrant, which represents the per share purchase price for the common stock less the $0.0001 exercise price for the pre-funded warrant. The offering is expected to close on or about June 25, 2024, subject to the satisfaction of customary closing conditions.

Entrada expects to use the net proceeds from the offering to fund the ongoing clinical development of a new class of medicines that engage intracellular targets that have long been considered inaccessible. The company’s Endosomal Escape Vehicle (EEV)-platform includes a portfolio of RNA-, antibody- and enzyme-based programs for the potential treatment of neuromuscular, ocular, metabolic, and immunological diseases.

Entrada’s lead oligonucleotide programs are in development for the potential treatment of people living with Duchenne who are exon 44, 45 and 50 skipping amenable. Entrada has partnered to develop a clinical-stage program, VX-670, for myotonic dystrophy type 1.

The financing will be used to develop its exon-skipping Duchenne oligonucleotides through initiation of planned phase 2b clinical trials, and ongoing research and development of its pipeline.

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