66.5 F
San Diego
Saturday, Jul 13, 2024
-Advertisement-

Atyr Pharma Lands $46 Million in New Capital

Atyr Pharma, a public biotech in San Diego, has inked a $46 million equity deal to fund the development of its lead drug.

The private placement is being led by Viking Global Investors with participation from EcoR1 Capital and Redmile Group, among others.

The money comes as aTyr struggles to perform on the Nasdaq. When the company went public back in 2015, shares were selling at $14 per share. Since then, the company’s stock has seen a steady decline. By close of market Aug. 29, shares were selling for $2.80 per share. The biotech’s market cap started at $333 million, and is currently hovering at $79 million.

The company’s lead drug, Resokine, is now in three clinical programs for severe, rare muscle tissue diseases with an immune component. The new capital will go towards these programs, according to a company press release.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-