Xenon offers $300M in shares after touting path ahead for MDD program despite PhII miss
30 Nov 2023
Phase 2
Xenon Pharmaceuticals has announced a public offering of $300 million in shares just days after it unveiled mixed Phase II data for its major depressive disorder program.
Although the candidate failed the study’s primary endpoint, the company — and analysts — were bullish about its path forward given its positive safety profile and secondary endpoint data.
The public offering is expected to close on Dec. 4, Xenon
said
in a company press release on Wednesday night. The Canadian biotech ended September with a
cash position
of $639.1 million, which it said would support two Phase III studies of its MDD candidate XEN1101 in two other indications of focal onset and primary generalized tonic-clonic seizures.
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