Edgewise expects to raise $240M with stock offering

BOULDER — Clinical-stage, pre-revenue pharmaceutical company Edgewise Therapeutics Inc. (Nasdaq: EWTX) plans to sell nearly 22 million new shares of common stock, an offering that it expects to raise about $240 million.

EDG-5506, Edgewise’s flagship drug, is an oral drug designed to treat Becker Muscular Dystrophy and Duchenne Muscular Dystrophy, which affect the muscles of the hips, pelvic area, thighs, shoulders and heart. 

“Edgewise intends to use the net proceeds from the offering to support the potential U.S. commercial launch of EDG-5506 in patients with Becker muscular dystrophy, completion of a Phase 3 trial with EDG-5506 in Duchenne, completion of Phase 2 trials of EDG-7500 in patients with obstructive and non-obstructive hypertrophic cardiomyopathy and the advancement of Edgewise’s ongoing research and development programs, and for working capital and general corporate purposes,” the company said in a news release. 

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The stock offering, expected to close next week, involves new investors RA Capital Management, TCGX, and Venrock Healthcare Capital Partners, as well as existing investors Cormorant Asset Management, Frazier Life Sciences, Janus Henderson Investors, Novo Holdings A/S, Orbimed, Perceptive Advisors and Surveyor Capital, the company said.