By Chris Wack
Assembly Biosciences said it has received a $20.1 million equity investment from Gilead Sciences, along with $10 million in accelerated funding.
Gilead is buying the additional Assembly Bio stock, with an amendment to their collaboration with Assembly to advance the research and development of novel antiviral therapies.
With the new equity investment, Gilead increases its equity ownership of Assembly Bio to 29.9%.
Funding received from Gilead will support the advancement of Assembly Bio's clinical pipeline of antiviral therapeutic candidates for herpesviruses, hepatitis D virus and hepatitis B virus.
The amendment to the collaboration agreement adjusts the option timepoints and option payment structure for ABI-6250, an orally bioavailable viral entry inhibitor for the treatment of hepatitis D virus, to support updated clinical strategies to accelerate and optimize program development. As part of this amendment, $10 million of option-related payments for this program have been accelerated.
The accelerated funding amount reflects a portion of option-related payments that Assembly Bio is eligible to receive for ABI-6250 and will be creditable against future payments under the collaboration agreement. The scope of Gilead's option and Assembly Bio's right to opt in to share profits and costs in the U.S. are unchanged.
With the accelerated $10 million payment resulting from the collaboration amendment and the $20.1 million additional equity investment, Assembly Bio expects its cash runway to extend to mid-2026.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 19, 2024 08:23 ET (13:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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