Denali’s $500M placement; Brain health startup raises $26M

27 Feb 2024

Phase 2Phase 3Clinical Trial FailureClinical Trial Termination

Plus, news about Healis Therapeutics, NRx Pharmaceuticals, and Nuvalent: Denali Therapeutics’ $500M PIPE: The company is selling nearly 30 million shares at $17.06 apiece. Baker Brothers Life Sciences is the lead investor in the PIPE, per SEC filings , and will get a board seat. The funding coincides with Denali saying it nabbed $12.5 million from a third party last month for a LRRK2 program called BIIB122; however, Denali will take the program forward alone into a Phase IIa trial. Biogen is continuing to run a Phase IIb trial, and the pair will commercialize the drug together if it receives FDA approval. It previously discontinued a Phase III study for the program last June. Denali shares $DNLI rose roughly 10% premarket on Tuesday. — Max Gelman

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Organizations

Denali Therapeutics, Inc.

Healis Therapeutics, Inc

NeuroRx, Inc.

[+1]

Indications

Targets

LRRK2

Drugs

DNL-151

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