Wave Life Sciences Ltd WVE has priced its previously announced underwritten public offering of 20 million shares at $5.00 per share with approximately $100 million gross proceeds.
In addition, Wave Life Sciences has granted the underwriters a 30-day option to purchase up to an additional 3 million shares. The offering is expected to close on or about December 11.
Thursday, Wave Life Sciences initiated dosing in healthy volunteers in the RestorAATion clinical trial program, investigating WVE-006 as a potential alpha-1 antitrypsin deficiency (AATD) treatment.
WVE-006 is a first-in-class, GalNAc-conjugated RNA editing oligonucleotide (AIMer). It is designed to restore circulation of healthy, wild-type alpha-1 antitrypsin (M-AAT) protein and reduce dysfunctional Z-AAT protein, thereby potentially addressing AATD-related lung disease, liver disease, or both.
Wave expects to deliver proof-of-mechanism data in individuals with AATD in 2024.
With the initiation of dosing in RestorAATion, Wave has achieved its first WVE-006 milestone in its collaboration with GSK plc GSK, resulting in a $20 million payment to Wave.
For WVE-006, Wave is eligible to receive up to $505 million in additional development, launch, and sales-related milestone payments and tiered royalties on net sales from GSK.
Development and commercialization responsibilities will transfer to GSK after Wave completes the RestorAATion-2 study.
Price Action: WVE shares are down 29.40% at $4.85 on the last check Thursday.
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