Disc Medicine dips after launching $350 mln stock offering
BUZZ-Disc Medicine dips after launching $350 mln stock offering ** Disc Medicine's IRON.O shares down 1.5% to $77.77 in extended trading as it looks to raise equity
** Biopharma commences $350 mln offering comprising stock and pre-funded warrants
** IRON stock finished up 38.9% at $78.93 on Mon after its drug bitopertin met all main and secondary goals in late-stage study to treat erythropoietic protoporphyria (EPP), a blood disorder which makes patients extremely sensitive to sunlight
** The late-stage success clears path for co to resubmit its application for an FDA review of bitopertin after the regulator turned down the drug earlier this year
** IRON to use the net offering proceeds to fund R&D of its current or additional product candidates, to support the potential commercialization of bitopertin for EPP and X-linked protoporphyria (XLP), among other purposes
** Jefferies, Leerink, Morgan Stanley and Cantor Fitzgerald joint bookrunners
** Watertown, Massachusetts-based IRON has ~38.4 mln shares outstanding for roughly $3 bln market cap
** All 13 analysts covering the stock are bullish; median PT $117.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))