Voyager, Dyne Raise Combined $400 Million in Public Offerings
January 5, 2024
Rare Daily Staff
Dyne Therapeutics and Voyager Therapeutics, two genetic medicines drug developers targeting muscle diseases, tapped the public markets on the heels of positive news to raise a combined $400 million in new capital.
After announcing positive initial clinical data from the phase 1/2 trial of Dyne’s investigational antisense oligonucleotide DYNE-101 for the treatment of myotonic dystrophy type 1 and the phase 1/2 trial of DYNE-251 for the treatment of Duchenne muscular dystrophy amenable to exon 51 skipping, the company went to the public markets to raise capital to advance their clinical development.
Dyne priced an underwritten public offering of 17.2 million shares of its common stock at $17.50 per share to raise $300 million before deducting underwriting discounts and commissions and offering expenses. In addition, Dyne has granted the underwriters a 30-day option to purchase up to an additional 2.6 million shares of its common stock, less the underwriting discounts and commissions.
Using its proprietary FORCE platform, Dyne is developing next generation oligonucleotide therapeutics that are designed to overcome limitations in delivery to muscle tissue for a broad range of genetically defined muscle diseases.
Fresh off a collaboration and licensing agreement with Novartis that includes $100 million in an upfront payment, Voyager Therapeutics priced an underwritten public offering of 7.8 million shares of its common stock at $9.00 per share, and, to investors who so choose in lieu of common stock, pre-funded warrants to purchase an aggregate of 3.3 million shares of common stock at $8.999 per pre-funded warrant, for aggregate gross proceeds of approximately $100 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.7 million shares of its common stock at the public offering price, less underwriting discounts and commissions.
Voyager’s collaboration and capsid license agreement with Novartis Pharma aims to advance potential gene therapies for the rare neurological diseases Huntington’s disease and spinal muscular atrophy. Voyager will provide Novartis a target-exclusive license to access Voyager’s TRACER capsids and other intellectual property for the respective diseases, and Voyager and Novartis will collaborate to advance a preclinical gene therapy candidate for Huntington’s disease.
Voyager intends to use the net proceeds from the offering, together with its existing resources, to advance its anti-tau antibody program for the treatment of Alzheimer’s disease and its SOD1 silencing gene therapy program for the treatment of amyotrophic lateral sclerosis into clinical development, to advance its tau silencing gene therapy program for the treatment of Alzheimer’s and its anti-amyloid gene therapy program for the treatment of Alzheimer’s in preclinical development, to support its other preclinical development programs, and for working capital and other general corporate purposes.
Voyager’s TRACER (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) capsid discovery platform is a broadly applicable, RNA-based screening platform that enables rapid discovery of AAV capsids with robust penetration of the blood-brain barrier and enhanced central nervous system tropism in multiple species, including non-human primates.
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