Business
Rezolute Reports Third Quarter Fiscal 2022 Financial Results and Highlights Company Progress
Announced a $130 million registered direct offering and concurrent private placement Positive topline results from Phase 2b RIZE study of RZ358 exceeded
About this update from Rezolute, Inc.
[{"type":"text","content":"Announced a $130 million registered direct offering and concurrent private placement Positive topline results from Phase 2b RIZE study of RZ358 exceeded expectations and demonstrated highly significant reduction in hypoglycemia events, ~75% at anticipated therapeutic doses Positive data from Phase 1b multiple-ascending dose study of RZ402 enable Phase 2 proof-of-concept study initiation later this year REDWOOD CITY, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT), a clinical-stage biopharmaceutical company dedicated to developing transformative therapies with the potential to disrupt current treatment paradigms for devastating metabolic diseases, today announced its financial results for the third quarter of fiscal 2022 ended March 31, 2022. “The first half of 2022 has been dynamic and transformative for us, as we have announced positive clinical results for both RZ358 as well as RZ402,” said Nevan Charles Elam, Chief Executive Officer and Founder of Rezolute. “I am particularly pleased that the strength of our pipeline has been recognized by the investment community culminating in the $130 million financing that we completed earlier this month. The injection of capital will fund our upcoming program milestones, including Phase 3 for RZ358 and a Phase 2 proof of concept study for RZ402.” Business Highlights Financing Update In May, Rezolute raised gross proceeds of $130 million in a registered direct offering and concurrent private placement backed by notable growth and life science investors including, amongst others, Federated Hermes Kaufmann Funds, Stonepine Capital Management, Medical Strategy GmbH, Acuta Capital Partners, Adage Capital Partners LP, CAM Capital, Janus Henderson Investors, Sphera Healthcare, and Vivo Capital. RZ358, monoclonal antibody for the treatment of congenital hyperinsulinism In a late-breaking oral presentation at the Pediatric Endocrine Society 2022 Annual Meeting, Dr. Paul Thornton presented results from the Phase 2b RIZE study of RZ358 in patients with congenital hyperinsulinism (HI). RZ358 demonstrated good safety and tolerability across all doses with no study discontinuations or adverse drug reactions. Predictable and dose-dependent exposures with a clear dose-response was observed. Results exceeded expectations for correction of hypoglycemia, including a highly significan...