Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) Closes Convertible Preferred Stock Financing


Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) a major developer of investigational “RNAi” treatments, has closed its stock purchase deal for the “Preferred Stock” sale to a group of new and current stockholders directed by Bain Capital Life Sciences. Subsequent this deal, it recorded gross proceeds of as much as $70 million.

The highlights

As per the “Preferred Stock” deal, Adam M. Koppel, M.D., Ph.D., who is a MD of Bain Capital, had become a member of Dicerna’s Board. At the closing, the firm released Preferred Stock 700,000 shares, which can be converted into stock for $3.19/share. Dicerna’s board has nine members. The company plans to use cash proceeds from the deal to support its GalXC™ pipeline plans, for clinical as well as pre-clinical work.

Douglas M. Fambrough, Ph.D., who is the CEO of company, reported that last year was extremely significant for them as they completed evolution to GalXC™ RNAi know-how base and focused their plans on driving the growth of GalXC pipeline programs.

GalXC ability to allow progression of subcutaneously presented RNAi therapeutics to control any disease-causing gene in the liver shows great prospects for growth. Convertible preferred financing further progresses the use of GalXC RNAi know-how, which will be vital to continuing their strategic plan and product pipeline in the next two years.

The strategic plan focuses on internal growth of drug candidates for rare diseases that are molecularly as well as genetically defined, shows grave unmet medical need, and presents resourceful development paths. Dicerna’s prime candidate drug, DCR-PHXC, for initial hyperoxaluria type I, and next development plan for an unnamed rare disease, fall into this section.

Moreover, the management is looking for major associations for plans that address challenging diseases with many gene dysfunctions and extended patient populations.

In the last trading session, the stock price of Dicerna gained more than 1% to close the day at $3.10.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.