Entrada Therapeutics Inc. (Nasdaq: TRDA), a clinical-stage biopharmaceutical company based in Boston, is working on developing a new class of medicines aimed at targeting intracellular sites that have traditionally been inaccessible. On June 24, 2024, the company revealed that it has entered into a securities purchase agreement with a consortium of investors. This agreement involves the sale of 3,367,003 shares of common stock and pre-funded warrants to purchase an additional 3,367,003 shares, amounting to total gross proceeds of roughly $100 million.
The investment round was spearheaded by a U.S.-based healthcare-focused investor, alongside two global mutual funds and Janus Henderson Investors, a global asset management firm. Each share of common stock was priced at $14.85, while the pre-funded warrants were priced at $14.8499 each, reflecting the per-share cost minus the nominal $0.0001 exercise price of the warrants. The transaction is scheduled to close around June 25, 2024, contingent upon customary closing conditions being met.
Entrada plans to allocate the net proceeds from this fundraising to further the clinical development of its lead programs. Specifically, the funds will support the ongoing development of ENTR-601-44 and ENTR-601-45, both of which are set to enter Phase 2b clinical trials. Additionally, ENTR-601-50 will commence its Phase 2 multiple ascending dose trial. The capital will also contribute to the research and development of the company's broader pipeline, including neuromuscular and ocular therapies, and cover general corporate expenses.
The shares and pre-funded warrants were offered through a "shelf" registration statement that was initially filed with the U.S. Securities and Exchange Commission (SEC) on November 1, 2022, and became effective on November 7, 2022. Further details about the offering will be provided in a final prospectus supplement to be filed with the SEC, accessible on the SEC's website.
Entrada's innovative approach centers around its proprietary Endosomal Escape Vehicle (EEV™)-based therapeutics. This technology enables effective intracellular delivery of a variety of treatments, targeting different organs and tissues, thereby potentially improving therapeutic outcomes. Through this versatile and modular platform, Entrada is advancing a robust pipeline of RNA-, antibody-, and enzyme-based therapies aimed at treating neuromuscular, ocular, metabolic, and immunological diseases.
Among its lead programs, Entrada is developing oligonucleotide therapies for Duchenne muscular dystrophy, specifically targeting patients who are exon 44, 45, and 50 skipping amenable. Additionally, the company is collaborating on a clinical-stage program, VX-670, for myotonic dystrophy type 1.
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