Fulcrum Therapeutics raised $125 million in an underwritten public offering of its common stock, on the heels of announcing the departure of its CEO, Bryan Stuart, and the naming of Robert Gould, who headed the company when it launched in 2016, as interim CEO.
The company priced 9.6 million shares at $13.00 per share. The gross proceeds to Fulcrum from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be $125 million. Fulcrum has also granted the underwriters a 30-day option to purchase up to an additional 1.4 million shares of its common stock.
Fulcrum’s platform technology, FulcrumSeek, identifies drug targets that can modulate gene expression to treat the known root cause of gene mis-expression.
The funding will be used to advance its two lead programs in clinical development: losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy (FSHD), which is currently in late-stage development; and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia.
Author: Rare Daily Staff
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