Following encouraging Phase 2 results, MoonLake raises USD 400 million
Summary
On 25 June, Zug-based MoonLake Therapeutics announced positive topline results from a Phase 2 study of its lead molecule in hidradenitis suppurativa, a severely debilitating chronic skin condition. The company used the opportunity to raise $400 million in an upsized public offering.MoonLake Immunotherapeutics, founded in 2021, has in-licensed an antibody fragment from Merck which has clinically demonstrated potential to allow better disease control in dermatology and rheumatology patients. Last week MoonLake announced positive top-line results from its global Phase 2 MIRA trial evaluating the efficacy and safety of the Nanobody sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS).The MIRA trial (M1095-HS-201), which recruited 234 patients, is the first randomized, double-blind, placebo-controlled trial to use Hidradenitis Suppurativa Clinical Response (HiSCR) 75 as its primary endpoint, a higher measure of clinical response versus the HiSCR50 measure used in other clinical trials, therefore representing a landmark milestone in HS clinical development.The trial met its primary endpoint with a significantly greater proportion of patients treated with both sonelokimab 120mg and 240mg achieving HiSCR75 compared to those on placebo at week 12. This week a spokesperson of Moonlake confirmed to Startupticker that the offering has been closed successfully. In addition, MoonLake has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 1,200,000 Class A ordinary shares at the public offering price, less the underwriting discounts and commissions.