Local biotech AnaptysBio is capitalizing on its skyrocketing stock performance this week with an announcement that the company plans to raise $99 million in a stock offering this month.
The company caught the eyes of biotech investors earlier this week when its stock more than doubled in a matter of hours. The climbing stock was tied to news that AnaptysBio’s experimental drug performed well in a recent study. The medicine, called ANB020, is meant to treat eczema in adults. The drug was tested in humans during a mid-stage trial (Phase 2a), and results were published October 10.
After a single dose of the medicine, 75 percent of patients in the study saw 50 percent improvement in their symptoms, according to the company.
The results sent the company’s stock rocketing 101 percent on Monday, and that price held strong height throughout the week. The company’s shares closed at $70.80 per share Thursday, Oct. 12.
Now, the company’s hoping to raise $99 million in a stock offering, which could rise to $113 million if underwriters exercise options. The funds will be needed, as AnaptysBio will be ramping up its clinical trials. The company plans to start a Phase 2b trial to look at multiple doses of ANB020 in the first half of 2018.