With new data in hand, axovant raises $40m

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Editor’s Note: This article was updated on Mar 15, 2019 at 1:14 AM PKT

Days after revealing the first clinical data from its gene therapy pipeline, Axovant raised $40 million through the sale of 26.7 million shares at $1.50 in a follow-on offering.

Axovant Sciences Ltd. (NASDAQ:AXGT) proposed the offering after market hours Wednesday, when its shares closed at $1.75. The price represents a 14% discount to that figure; Axovant slipped $0.33 (19%) to $1.42 on Thursday.

In a presentation Monday, Axovant said the lowest dose of its Parkinson’s disease gene therapy, AXO-Lenti-PD, was safe and improved “off” symptom scores in the first two treated patients in a Phase II trial (see “Axovant Reports First Clinical Gene Therapy Data”).

The offering’s underwriters were Jefferies and Guggenheim Securities.

Axovant raised $33.2 million in a December 2018 follow-on. The company rebooted as a gene therapy play last year (see “Axovant Reboots with Gene Therapy Deal”).