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Xenon Pharmaceuticals nets $24.3mm in FOPO

15:40 EDT 22 Sep 2016 | Elsevier Business Intelligence

Nasdaq-traded Canadian biotech Xenon Pharmaceuticals Inc. (drug discovery for rare diseases) netted $24.3mm through the public sale of 3.45mm shares (including the overallotment) at $7.50. Selling shareholders also sold 1.15mm shares. The company will use proceeds to fund further development of Phase II XEN801, an SCD1 inhibitor for acne; preclinical development of its Nav1.6 sodium channel inhibitor in childhood epilepsy disorders (for which an IND is expected in mid-2017); as well as continued research activities for its Extreme Genetics platform (for rare human disease target validation) and ion channel drug discovery programs.

Original Article: Xenon Pharmaceuticals nets $24.3mm in FOPO

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