Business
Dyne Therapeutics Reports Third Quarter 2020 Financial Results and Recent Highlights
- Successful Financings, including $268 Million Initial Public Offering and $116 Million Series B Expected to Fund Through Proof of Concept Data in Co-lead
About this update from Dyne Therapeutics, Inc.
[{"type":"text","content":"- Successful Financings, including $268 Million Initial Public Offering and $116 Million Series B Expected to Fund Through Proof of Concept Data in Co-lead Programs, Myotonic Dystrophy Type 1 and Duchenne Muscular Dystrophy -\n WALTHAM, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Dyne Therapeutics, Inc. (Nasdaq: DYN), a muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases, today reported financial results for the third quarter 2020 and recent business highlights. “We made important progress across the business in the third quarter, including securing significant funding through multiple financings culminating with our IPO, continuing to attract exceptional leaders to Dyne with expertise in muscle and rare diseases, and generating platform-validating preclinical data that is creating momentum for our pipeline,” said Joshua Brumm, president and chief executive officer of Dyne. “We expect we have the cash resources to support our planned IND submissions for our three programs between the fourth quarter of 2021 and the fourth quarter of 2022, and to achieve proof-of-concept data for two of those – our myotonic dystrophy type 1 and Duchenne muscular dystrophy programs. Following this exciting third quarter, Dyne is well positioned to pursue our goal of becoming the world’s leading muscle disease company.” Recent Highlights On September 21, 2020, Dyne completed its IPO of 14,089,314 shares of its common stock, including the full exercise by the underwriters of their option to purchase 1,837,736 additional shares, at an IPO price of $19.00 per share. Gross proceeds of the offering, before deducting the underwriting discount and commissions and offering expenses, were $267.7 million.The Company continued to generate preclinical data during the quarter for its myotonic dystrophy type 1 (DM1) program: The importance of Transferrin 1 receptor (TfR1), which is highly expressed on muscle cells, is foundational to Dyne’s FORCE platform and approach to developing modern oligonucleotide therapeutics for serious muscle diseases. To accelerate its work across its platform and programs, Dyne developed a preclinical model for DM1 which expresses the human TfR1 receptor rather than the murine TfR1 receptor. In a preclinical study utilizing this model, two doses of the F...