Shares of Scholar Rock Holding Corporation (NASDAQ: SRRK) soared 118.80% on Tuesday after the company announced that it is planning to offer and sell $150,000,000 of shares of its common stock in an underwritten public offering. Additionally, Scholar Rock decided to give a 30-day option of an additional purchase of $22,500,000 of shares of common stock to underwriters in a public offering.
Scholar Rock Holding Corporation is offering all of the shares and the offering is dependant on market and the certain closing conditions. There is no guarantee as to whether or when the offer can be fulfilled, or whether the offer is in actual size or in accordance with the terms.
It has been revealed that the joint-book running managers for the offering are J.P. Morgan Securities LLC, Jefferies LLC, and Credit Suisse Securities (USA) LLC. The lead manager for the offering is BMO Capital Markets Corp. Scholar Rock is planning to use the profit from the offering to pursue SRK-015 in Spinal Muscular Atrophy.
Scholar Rock Holding Corporation (NASDAQ: SRRK) shares were trading up 118.80% at $30.02 during the trading session of Tuesday. Scholar Rock Holding Corporation (NASDAQ: SRRK) share price went from a low point around $6.95 to briefly over $21.92 in the past 52 weeks. It has traded up 331.94% and 36.95% from its 52-weeks low and 52-weeks high. SRRK market cap has remained high, hitting $877.78 M at the time of writing.
A biotechnology company has revealed promising results from a Phase II study analyzing experimental drug SRK-015 in treating patients with type 2 and type 3 spinal muscular atrophy (SMA). Scholar Rock Holding has disclosed improvements in significant motor function for all three treatment cohorts in the phase 2 study of SRK-015 at the six-month mark following treatment. The study revealed that 67% of the patients have shown improvement at one point in Hammersmith scale scores after receiving SRK-015.