Edgewise Therapeutics, a Phase 1 biotech developing small molecule therapies for rare muscle disorders, raised $176 million by offering 11 million shares at $16, the high end of the range of $14 to $16. The company offered 1 million more shares than anticipated.
Edgewise is focused on the discovery, development, and commercialization of innovative treatments for severe, rare muscle disorders for which there is significant unmet medical need. Its lead candidate, EDG-5506, is an orally administered allosteric, selective, fast myofiber (type II) myosin small molecule inhibitor designed to address the root cause of dystrophinopathies. It is currently in a Phase 1 trial for Duchenne muscular dystrophy, Becker muscular dystrophy, and Limb-girdle muscular dystrophy.
Edgewise Therapeutics plans to list on the Nasdaq under the symbol EWTX. J.P. Morgan, Goldman Sachs and SVB Leerink acted as lead managers on the deal.
