Regulus Therapeutics ($RGLS), a biotech using microRNA as a target for drug delivery, raised nearly $49 million through a public offering completed Tuesday, up from an anticipated $43 million.
Late last week, Regulus, a spinoff of Alnylam ($ALNY) and Isis ($ISIS), plugged its public offering of 4,500,000 common stock shares at $9.50 per share--the completed offering came out to a higher-than-expected 5,175,000 shares at the same price. Companies such as AstraZeneca ($AZN), GlaxoSmithKline ($GSK), Sanofi ($SNY) and Biogen Idec ($BIIB) have allied and collaborated with Regulus in the past, leading to an $81 million public offering in November last year. After cutting back its share prices that time to $4 a share, coming in close to $10 this time around is a step forward.
The La Jolla, CA-based company specializes in microRNA regulation, a treatment involving small strands of noncoding RNA that control the expression of certain cell properties, including those that cause diseases. Regulus' genetic platform, delivered via subcutaneous injection, is able to distribute broadly and target microRNA in the body via small, single-stranded RNA molecules. The technology is 20 years in the making, according to the company.
Regulus is developing its candidate RG-101 to treat hepatitis C and has other microRNA products advancing toward clinical development in the oncology, fibrosis and metabolic disease arenas.
Until recently, delivery has been a hurdle in realizing the great potential researchers have predicted for RNA drugs. Along with Regulus, its parent company, Alnylam Pharmaceuticals, has also made strides of late in RNA drug delivery, moving forward with several clinical and preclinical trials.
A representative from Regulus declined to comment to FierceDrugDelivery, due to a company-wide quiet period.
- here's the original release
- and the updated release after the completed offer
Editor's note: This story has been updated to reflect the completion of the public offering and the difference therein from the anticipated proceeds.