Applied Therapeutics Shares Surge on FDA Review, $100 Million Funding Round
By Dean Seal
Shares of Applied Therapeutics soared after the company disclosed a $100 million private placement and said regulators have granted priority review for its lead drug candidate govorestat.
The stock was up 54% at $8.59 in premarket trading. Shares had already risen by two thirds year-to-date when the market closed Tuesday.
The clinical-stage biopharmaceutical company said Wednesday morning the Food and Drug Administration has accepted the filing of a new drug application for govorestat as a treatment for classic galactosemia.
The application was granted priority review status and a key target action date was set for Aug. 28. The FDA also plans to hold an advisory committee meeting to discuss the application.
Applied Therapeutics concurrently announced that it has entered into a $100 million securities purchase agreement with large healthcare-focused institutional and mutual fund investors.
Proceeds from the private placement are expected to extend the company's cash runway into 2026.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 28, 2024 08:40 ET (13:40 GMT)
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