BUZZ-Disc Medicine shares fall after launching $350 million stock offering

October 19 - ** Disc Medicine shares IRON.O fell 1.5% in after-hours trading to $77.77, as the company is planning an equity financing

** The biopharmaceutical company (link) has launched a $350 million financing plan, including stock and pre-funded warrants

(link) ** IRON shares closed up 38.9% at $78.93 on Monday after its drug bitopertin met all primary and secondary endpoints in a late-stage clinical trial for erythropoietic protoporphyria (EPP), a blood disorder that makes patients extremely sensitive to sunlight

** The success of this late-stage clinical trial (link) paves the way for the company to resubmit its application for bitopertin to the U.S. Food and Drug Administration (FDA) for review—after the agency had rejected the drug's application earlier this year

** IRON will use the net proceeds from this offering to fund the development of existing or new product candidates, to support the potential commercialization of bitopertin for the treatment of EPP and X-linked protoporphyria (XLP), and for other uses

** Jefferies, Leerink, Morgan Stanley, and Cantor Fitzgerald are acting as joint bookrunners

** Based in Watertown, Massachusetts, IRON has approximately 38.4 million shares outstanding and a market capitalization of about $3 billion

** According to LSEG data, all 13 analysts covering the stock are bullish; the median target price is $117.50

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