Entrada Therapeutics, Inc. (NASDAQ: TRDA) has just announced a significant financial move as the company has entered into a securities purchase agreement with a group of investors, generating approximately $100 million in gross proceeds. The offering, which includes the purchase of 3,367,003 shares of common stock and pre-funded warrants, was led by a U.S.-based healthcare-focused investor, two global mutual funds, and Janus Henderson Investors, a global asset management firm.
The purchase price for the common stock was set at $14.85 per share, while the purchase price for the pre-funded warrants was $14.8499 per warrant. The net proceeds from this offering are intended to fund the ongoing clinical development of two programs, entr-601-44 and entr-601-45, through the initiation of planned phase 2b clinical trials, as well as the initiation of planned phase 2 multiple ascending dose trial for entr-601-50. Additionally, the funds will support the ongoing research and development of the company's development pipeline, including neuromuscular and ocular franchises, and other general corporate purposes.
It's worth noting that the shares of common stock, pre-funded warrants, and shares of common stock issuable upon the exercise of the pre-funded warrants were offered pursuant to a previously filed "shelf" registration statement with the U.S. Securities and Exchange Commission (SEC) and declared effective on November 7, 2022.
Entrada Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on transforming the lives of patients by developing a new class of medicines that engage intracellular targets that have long been considered inaccessible. The company's proprietary endosomal escape vehicle (EEV™)-therapeutics are designed to enable the efficient intracellular delivery of a wide range of therapeutics into various organs and tissues, ultimately resulting in an improved therapeutic index. The company is advancing a robust development portfolio of RNA-, antibody-, and enzyme-based programs for the potential treatment of neuromuscular, ocular, metabolic, and immunological diseases, among others.
The company's lead oligonucleotide programs are in development for the potential treatment of people living with Duchenne who are exon 44, 45, and 50 skipping amenable. Entrada has also partnered to develop a clinical-stage program, VX-670, for myotonic dystrophy type 1. Following these announcements, the company's shares moved -3.7%, and are now trading at a price of $14.3. If you want to know more, read the company's complete 8-K report here.
