Tenaya bags $75M from stock sale as it prepares to put a gene therapy for heart disease into the clinic
Summary
In its Q3 up\xaddate, Tenaya Ther\xada\xadpeu\xadtics told in\xadvestors that its repri\xador\xadi\xadtiz\xading the pipeline to ex\xadtend the run\xadway un\xadtil 2024 and fo\xadcus its three lead pro\xadgrams in heart dis\xadeases two gene ther\xada\xadpies and one small mol\xade\xadcule drug.Just days lat\xader, though, ex\xadecs are bring\xading in a fresh $75 mil\xadlion haul.The pro\xadceeds from the pub\xadlic of\xadfer\xading to\xadgeth\xader with ex\xadist\xading cash, cash equiv\xada\xadlents and mar\xadketable se\xadcu\xadri\xadties of near $150 mil\xadlion will fund planned pre\xadclin\xadi\xadcal and clin\xadi\xadcal de\xadvel\xadop\xadment of those most ad\xadvanced can\xaddi\xaddates, as well as ear\xadli\xader-stage re\xadsearch, plat\xadform work on AAV cap\xadsid en\xadgi\xadneer\xading and man\xadu\xadfac\xadtur\xading.Af\xadter the biotech priced the of\xadfer\xading, though, the stock $TNYA fell more than 24% from the pre\xadvi\xadous days close to $2.41. It was sell\xading shares at $2.6 a steep dis\xadcount to the price it start\xaded the year with, but re\xadflec\xadtive of the de\xadpressed prices seen across the biotech mar\xadket.All three of Tenayas lead pro\xadgrams are aimed at ge\xadnet\xadi\xadcal\xadly-de\xadfined sub\xadpop\xadu\xadla\xadtions of pa\xadtients with heart con\xaddi\xadtions. TN-201 ad\xaddress\xades ge\xadnet\xadic hy\xadper\xadtrophic car\xaddiomy\xadopa\xadthy caused by myosin-bind\xading pro\xadtein C3 (MYBPC3) gene mu\xadta\xadtions by de\xadliv\xader\xading a func\xadtion\xadal copy of the MYBPC3 gene; TN-301 is a small mol\xade\xadcule in\xadhibitor of hi\xads\xadtone deacety\xadlase 6 be\xading de\xadvel\xadoped for heart fail\xadure with pre\xadserved ejec\xadtion frac\xadtion; while TN-401 is an\xadoth\xader gene ther\xada\xadpy tar\xadget\xaded at ge\xadnet\xadic ar\xadrhyth\xadmo\xadgenic right ven\xadtric\xadu\xadlar car\xaddiomy\xadopa\xadthy caused by plakophilin 2 (PKP2) gene mu\xadta\xadtions.CEO Faraz Ali tout\xaded the ini\xadti\xada\xadtion of its first clin\xadi\xadcal tri\xadal for TN-301 in the quar\xadter\xadly re\xadport. The biotech is plan\xadning to file an IND for TN-201 by the end of 2022.