BUZZ-PepGen shares soar as the company seeks financing after releasing data on its muscle disease drug

November 11 - ** On Wednesday, PepGen (PEPG.O) shares rose by 20.8% to $5.57, making it the biggest gainer on the Nasdaq Biotechnology Index (.NBI). The company is planning to raise equity funding for its muscle disease drug.

** On Tuesday, PEPG shares soared about 93%, closing at $4.61, the highest in more than seven months, after the mid-stage trial results for its experimental drug for treating type 1 myotonic dystrophy (DM1) (link) exceeded expectations.

** The company stated that at a 10 mg/kg dose, the drug PGN-EDODM1 corrected abnormal muscle cell processes by 46.5%.

** After Tuesday's market close, PEPG launched a (link) $125 million stock offering program to fund the clinical development of PGN-EDODM1 and for working capital and other general purposes.

** Leerink, Stifel, and Guggenheim are acting as joint book-running managers.

** PEPG, headquartered in Boston, Massachusetts, currently has about 69.26 million shares outstanding.

** Affected by Wednesday's price action, the stock's cumulative decline for the year has reached 14%.

** According to LSEG data, among the eight analysts covering the stock, five rate it as "strong buy," two rate it as "buy," and one as "hold"; the median target price is $11.

(To assist non-English speakers, Reuters automatically translates its reports into several other languages. As automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts. These are provided solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss caused by the use of automated translation functions.)