Two Rare Disease Biotechs Raise Combined $237.5 in the Public Markets

CRISPR gene editing biotech Editas Medicines priced 6 million shares of its common stock at $31.25 a share to raise $187.5 million, while Soleno Therapeutics priced 30.3 million of its common stock at $1.65 to raise $50 million.

Editas Medicine uses CRISPR/Cas9 and CRISPR/Cas12a genome editing systems to develop a pipeline of precision medicines for people living with serious diseases. In July 2019 in collaboration with Allergan, Editas launched the first trial of a CRISPR-based genome editing drug candidate under development for the treatment of Leber congenital amaurosis (LCA) 10, an inherited form of blindness caused by mutations in the CEP290 gene.

Soleno Therapeutics’ lead candidate, Diazoxide Choline Controlled-Release (DCCR) tablets, is a once-daily oral tablet for the treatment of Prader-Willi syndrome that is currently being evaluated in a phase 3 clinical development program. Prader-Willi syndrome, or PWS, is a complex neurodevelopmental genetic disorder, and the most common orphan genetic cause of life-threatening childhood obesity.