Regulus closes $100M private placement and reports positive Phase 1b data for RGLS8429 in ADPKD

Regulus Therapeutics Inc.

Oversubscribed private placement of $100M gross proceeds: 45.1M shares at $1.60 and 173,915 non-voting convertible preferred shares at $160 each.
Phase 1b MAD cohort 2 (2mg/kg) showed mechanistic dose response (increased PC1/PC2) with no safety concerns; 3 patients with highest PC1/PC2 had >4% htTKV reduction.
FDA Type D meeting confirmed potential accelerated approval pathway based on a single Phase 2 study of RGLS8429.
As of Dec 31, 2023, cash was $23.8M; proceeds add ~$100M to fund development.
Cohort 3 fully enrolled (3mg/kg), data expected mid-2024; cohort 4 (fixed 300mg) screening starts Q2 with sample size up to 30 patients.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Regulus Therapeutics Inc.: Filed a Certificate of Designation establishing Class A-6 Convertible Preferred Stock with conversion rights, dividend rights, and liquidation preferences.

Change: charter amendment

Exact text from the filing

On the date of the Closing, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Class A-6 Convertible Preferred Stock (the “Class A-6 Certificate of Designation”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Regulus Therapeutics Inc. entered into Securities Purchase Agreement with certain institutional and other accredited investors valued at total gross proceeds of approximately $100.0 million (effective 2024-03-11).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional and other accredited investors
Value: total gross proceeds of approximately $100.0 million
Effective: 2024-03-11

Exact text from the filing

On March 11, 2024, Regulus Therapeutics Inc., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional and other accredited investors (the “Purchasers”), pursuant to which the Company sold and issued (i) 45,108,667 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at a purchase price of $1.60 per share and (ii) 173,915 shares of the Company’s newly designated non-voting Class A-6 convertible preferred stock, par value $0.001 per share (the “Class A-6 Convertible Preferred Stock”), in lieu of shares of Common Stock, at a purchase price of $160.00 per share in a private placement transaction (the “Private Placement”), which closed on March 14, 2024 (the “Closing”).

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Source: SEC EDGAR

accession 0001193125-24-068000

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