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RegMed Investors (RMi) Research Note – Financing: Regenxbio (RGNX) prices 4.56 M share offering at $23.00

March 6, 2024 5:37pm

Size: 4.65 M shares, 1.521 (pre-funded at $22.9999)) warrents with gross of $140 M before the "usual" deductions with an option to purchase 913,050 shares again less discounts and commissions

Stock dropped -$0.61 to $24.00 with a -$0.79 or -3.29% aftermarket indication

Close expected by 3/11 ...

Morgan Stanley, Goldman Sachs & Co. LLC, Barclays and Stifel are acting as joint book-running managers of the offering.

The Bottom Line: smart move to price so quickly without lingering of time ...

Financing after announcing new POSITIVE initial EFFICACY data from “AFFINITY” DUCHENNE® TRIAL

On 3/5, RGNX reported additional interim safety and efficacy data in the Phase I/II AFFINITY DUCHENNE® trial of RGX-202 in patients with Duchenne muscular dystrophy (Duchenne) ages 4 to11 years old, including RGX-202 microdystrophin expression from dose level 2 and video of trial clinic assessments demonstrating initial evidence of strength and functional improvement.

As of February 28, 2024, RGX-202 has been well tolerated with no drug-related serious adverse events in five patients, aged 4.4 to 12.1 at dose level 1 (1x1014 genome copies (GC)/kg body weight) and dose level 2 (2x1014 GC/kg body weight).

Stat Data:

52-week range: high of $28.80 and a low of $11.83

Outstanding shares: 33.43 M

Float:36.4 M shares

% Short of Float: 12.25 M

Present cash: $275.26 M

Debt: -$183.34 M

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