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Regulus Reports Fourth Quarter and Year-End 2019 Financial Results and Recent Updates
FDA Removal of Partial Clinical Hold for Phase I Multiple Ascending Dose Study of RGLS4326
Reinitiated Multiple Ascending Dose Study of RGLS4326 for the Treatment of ADPKD
Closed $26 Million Second Tranche of Private Financing
LA JOLLA, Calif., March 12, 2020 Regulus Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs (the Company or Regulus), today reported financial results for the fourth quarter and year ended December 31, 2019 and provided a corporate update.
We have made significant progress over the past few months, including receiving notification from FDA of their decision to lift the partial clinical hold on our Phase 1 multiple ascending dose clinical study for RGLS4326, enabling the initiation of dosing of the second cohort of that study for the treatment of autosomal dominant polycystic kidney disease this past February, said Jay Hagan, CEO of Regulus. This important milestone, coupled with the closing of the second tranche of financing, enables us to advance the program toward key data read-outs.
Closed $26 Million Second Tranche of Private Financing: In December 2019, following the announcement of the Companys plan to recommence the Phase 1 Multiple Ascending Dose (MAD) clinical study of RGLS4326 for the treatment of autosomal dominant polycystic kidney disease (ADPKD) in the first quarter of 2020, the Company completed a second and final closing under the May 2019 securities purchase agreement, pursuant to which the Company sold and issued 3,288,390 shares of non-voting Class A-2 convertible preferred stock, in lieu of shares of common stock, at a price of $6.66 per share, and accompanying warrants to purchase an aggregate of 32,883,900 shares of common stock at a price of $0.125 for each share of common stock underlying such warrants. Each share of the non-voting Class A-2 convertible preferred stock is convertible into 10 shares of common stock, subject to certain beneficial ownership conversion limitations. The warrants are exercisable for a period of five years following the date of issuance and have an exercise price of $0.666 per share, pursuant to proportional adjustments in the event of stock splits or combinations or similar events. Together with the first tranche, which closed in May 2019, the Company raised a total of $42.7 million from the private financing, which the Company expects will provide cash resources to fund planned activities into mid-2021.
Initiated Dosing of the Second Cohort in RGLS4326 Phase 1 for ADPKD: In February 2020, the Company initiated dosing of the second cohort of the MAD clinical study of RGLS4326, a novel oligonucleotide designed to inhibit miR-17 for the treatment of ADPKD. The Company expects to complete this study in mid-2020 with topline results available thereafter.
The following information was filed by Regulus Therapeutics Inc. (RGLS) on Thursday, March 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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