Why Is Genetic Medicines-Focused Wave Life Sciences Stock Trading Lower Today?

Zinger Key Points
  • Wave Life Sciences priced its previously announced public offering for approximately $100 million.
  • Proof-of-mechanism data expected in 2024.
  • Wave earned $20 million milestone from GSK for initiation of dosing.

Wave Life Sciences Ltd WVE has priced its previously announced underwritten public offering of 20 million shares at $5.00 per share with approximately $100 million gross proceeds.

In addition, Wave Life Sciences has granted the underwriters a 30-day option to purchase up to an additional 3 million shares. The offering is expected to close on or about December 11.

Thursday, Wave Life Sciences initiated dosing in healthy volunteers in the RestorAATion clinical trial program, investigating WVE-006 as a potential alpha-1 antitrypsin deficiency (AATD) treatment.

WVE-006 is a first-in-class, GalNAc-conjugated RNA editing oligonucleotide (AIMer). It is designed to restore circulation of healthy, wild-type alpha-1 antitrypsin (M-AAT) protein and reduce dysfunctional Z-AAT protein, thereby potentially addressing AATD-related lung disease, liver disease, or both.

Wave expects to deliver proof-of-mechanism data in individuals with AATD in 2024.

With the initiation of dosing in RestorAATion, Wave has achieved its first WVE-006 milestone in its collaboration with GSK plc GSK, resulting in a $20 million payment to Wave. 

For WVE-006, Wave is eligible to receive up to $505 million in additional development, launch, and sales-related milestone payments and tiered royalties on net sales from GSK. 

Development and commercialization responsibilities will transfer to GSK after Wave completes the RestorAATion-2 study.

Price Action: WVE shares are down 29.40% at $4.85 on the last check Thursday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechNewsPenny StocksHealth CareFinancingSmall CapMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!