Zealand Pharma brings in $1B to drive development of obesity drugs
Phase 2Clinical Result
Zealand Pharma raised $1 billion through the sale of new shares as it looks to forge ahead with the development of a number of its obesity pipeline candidates. The company agreed to sell nearly 8.4 million shares at DKK 843 ($121) each, with the offering upsized from an earlier target of $900 million amid high demand.
According to Zealand Pharma, the proceeds will mainly be used to advance its obesity programmes into Phase IIb trials. Aside from the glucagon/GLP-1 receptor dual agonist survodutide – a late-stage asset licensed to Boehringer Ingelheim – the company’s obesity pipeline includes the amylin analogue petrelintide and the GLP-1/GLP-2 receptor dual agonist dapiglutide.
Zealand Pharma expects to start a Phase IIb study of petrelintide in the second half of 2024, having recently presented positive early-stage results. Data showed that in participants given the higher dose of petrelintide, there was an average body weight reduction of 8.6% from baseline, compared to a 1.7% decrease for placebo.
Meanwhile, higher doses of dapiglutide are set to be investigated in further mid-stage trials. Recent results from the investigator-led Phase IIa DREAM trial showed that 4 mg and 6 mg doses of dapiglutide led to a mean weight loss change from baseline of 2.9% and 4.3%, respectively, which were not significantly more than 2.2% for placebo.
The company indicated that the proceeds from the offering will fund petrelintide and dapiglutide through a number of key research milestones, while it continues to engage in strategic partnerships for commercialisation and co-development. Zealand Pharma added that funds from the offering will also be used to support clinical development in related indications, as well as other early-stage research.
In January, Zealand Pharma raised just over $200 million, which it said at the time would extend its cash runway into 2027.
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