By Josh Beckerman
Neurogene shares reached a 52-week high after the genetic medicine company announced an oversubscribed private placement of about $200 million.
The stock was up 44% to $66.55 on Monday, with an intraday high of $73.59. Shares are up about 243% this year.
The company expects the proceeds, combined with existing cash and cash equivalents, will provide runway into the second half of 2027. In August, the company said it expected current cash, cash equivalents and marketable securities to fund operations into the second half of 2026.
Participants in the financing include RTW Investments, Casdin Capital, EcoR1 Capital, Redmile Group, Great Point Partners, Commodore Capital and Samsara BioCapital.
Neurogene it will host a Nov. 11 webcast to present interim data from its Phase 1/2 trial of NGN-401 for Rett syndrome.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 04, 2024 13:31 ET (18:31 GMT)
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