Disc Medicine, Inc. (NASDAQ: IRON) a clinical-stage
biopharmaceutical company focused on the discovery, development and
commercialization of novel treatments for patients suffering from
serious hematologic diseases, today announced it has entered into a
securities purchase agreement with certain investors resulting in
an aggregate $62.5 million in gross proceeds through a registered
direct offering. The financing was led by Bain Capital Life
Sciences, who contributed $50 million, with participation from
existing investors, Access Biotechnology and OrbiMed.
The financing includes 1,488,166 shares of the Company's common
stock at a price of $23.00 per share and pre-funded warrants to
purchase up to an aggregate of 1,229,224 shares of common stock, at
a purchase price of $22.9999, which represents the per share
offering price for the common stock less the $0.0001 exercise price
for each pre-funded warrant. The offering is expected to close on
or about February 15, 2023, subject to customary closing
conditions.
The shares of common stock and pre-funded warrants were offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-269272) that was previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) on January 18, 2023, and declared
effective by the SEC on January 18, 2023. A final prospectus
supplement, which contains additional information relating to the
offering, has been filed with the SEC and is available on the SEC’s
website at www.sec.gov.
“We are delighted to welcome Bain Capital Life Sciences as an
investor during a transformational time for Disc. Our pipeline of
three clinical-stage programs, each with therapeutic potential in a
range of indications, is expected to provide a series of important
clinical trial read-outs beginning mid-year,” said John Quisel,
J.D., Ph.D., Chief Executive Officer and President of Disc. “This
investment adds to the financial strength of the company and will
enable us to pursue the development of our programs with confidence
as we advance toward phase 2 data.”
“We are thrilled to support Disc in its vision to build a
leading hematology company and believe the Company’s unique
approach of targeting heme synthesis and iron metabolism addresses
fundamental processes of red blood cell development,” said Ricky
Sun, PhD, Partner at Bain Capital Life Sciences. “We look forward
to supporting the Company as the data from programs mature and Disc
looks towards its next phase of growth.”
This investment will primarily support development of Disc’s
clinical-stage pipeline including:
- Bitopertin (heme synthesis): a
first-in-class, investigational, orally administered inhibitor of
glycine transporter 1 (GlyT1) that is designed to modulate heme
biosynthesis. It is currently being studied in patients with
erythropoietic protoporphyria (EPP) in the ongoing phase 2 BEACON
and AURORA clinical trials. Disc expects to initiate a separate
trial in Diamond-Blackfan Anemia (DBA) patients in the first half
of 2023. Studies in additional indications are being planned.
- DISC-0974 (hepcidin suppression): a
first-in-class, investigational, anti-hemojuvelin (HJV) monoclonal
antibody designed to suppress hepcidin production and increase
serum iron to enable erythropoiesis. It is currently being studied
in an ongoing phase 1b/2 clinical trial in myelofibrosis patients
with anemia. A separate trial in patients with anemia of chronic
kidney disease (CKD) not receiving dialysis is expected to initiate
in the first half of 2023 and studies in other forms of anemia of
inflammation are being planned.
- MWTX-003 (hepcidin induction): a
first-in-class, investigational, anti-TMPRSS6 (also known as
Matriptase-2) monoclonal antibody designed to increase hepcidin
production and suppress serum iron. An IND has been accepted by the
FDA and a phase 1 clinical trial of MWTX-003 in healthy volunteers
are expected to initiate in 2023. Disc plans to develop MWTX-003 as
a treatment for polycythemia vera and other indications.
About Disc Medicine
Disc Medicine (NASDAQ:IRON) is a clinical-stage
biopharmaceutical company committed to discovering, developing, and
commercializing novel treatments for patients who suffer from
serious hematologic diseases. We are building a portfolio of
innovative, first-in-class therapeutic candidates that aim to
address a wide spectrum of hematologic diseases by targeting
fundamental biological pathways of red blood cell biology,
specifically heme biosynthesis and iron homeostasis. For more
information, please visit www.discmedicine.com.
Disc Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, express or implied statements
regarding: Disc’s anticipated use of net proceeds from the
offering; statements regarding the completion and timing of the
offering; and future product development plans and projected
timelines for the initiation and completion of preclinical and
clinical trials and other activities. The use of words such as, but
not limited to, “believe,” “expect,” “estimate,” “project,”
“intend,” “future,” “potential,” “continue,” “may,” “might,”
“plan,” “will,” “should,” “seek,” “anticipate,” or “could” or the
negative of these terms and other similar words or expressions that
are intended to identify forward-looking statements.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on Disc’s
current beliefs, expectations and assumptions regarding the future
of Disc’s business, future plans and strategies, clinical results
and other future conditions. New risks and uncertainties may emerge
from time to time, and it is not possible to predict all risks and
uncertainties. No representations or warranties (expressed or
implied) are made about the accuracy of any such forward-looking
statements.
Disc may not actually achieve the plans, intentions or
expectations disclosed in these forward-looking statements, and
investors should not place undue reliance on these forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in the
forward-looking statements as a result of a number of material
risks and uncertainties including but not limited to: the offering
may not be completed on the timeline expected or at all; the
adequacy of Disc’s capital to support its future operations and its
ability to successfully initiate and complete clinical trials; the
nature, strategy and focus of Disc; the difficulty in predicting
the time and cost of development of Disc’s product candidates;
Disc’s plans to research, develop and commercialize its current and
future product candidates; the timing of initiation of Disc’s
planned preclinical studies and clinical trials; the timing of the
availability of data from Disc’s clinical trials; Disc’s ability to
identify additional product candidates with significant commercial
potential and to expand its pipeline in hematological diseases; the
timing and anticipated results of Disc’s preclinical studies and
clinical trials and the risk that the results of Disc’s preclinical
studies and clinical trials may not be predictive of future results
in connection with future studies or clinical trials and may not
support further development and marketing approval; the other risks
and uncertainties described in the “Risk Factors” section of the
Current Report on Form 8-K filed with the SEC on December 29, 2022
and other documents filed by Disc from time to time with the SEC,
as well as discussions of potential risks, uncertainties, and other
important factors in Disc’s subsequent filings with the Securities
and Exchange Commission. Any forward-looking statement speaks only
as of the date on which it was made. None of Disc, nor its
affiliates, advisors or representatives, undertake any obligation
to publicly update or revise any forward-looking statement, whether
as result of new information, future events or otherwise, except as
required by law.
About Bain Capital Life Sciences
Bain Capital Life Sciences (www.baincapitallifesciences.com)
invests in pharmaceutical, biotechnology, medical device,
diagnostic, and life science tool companies across the globe, with
a focus on companies that both drive medical innovation across the
value chain and enable that innovation to improve the lives of
patients with unmet medical needs. The differentiated skillset of
Bain Capital Life Sciences team enables it to deliver targeted
capital and value-added strategic support to companies around
critical phases of growth and inflections in value. Since 1984,
Bain Capital has employed a strategic and analytical approach to
identify attractive investment opportunities and partner with
management teams to transform and improve their businesses. During
this time, Bain Capital has developed global reach, deep expertise,
and a proven track record in the life sciences industries across
private equity, public equity, credit, venture capital, and real
estate.
Media Contact
Peg RusconiVerge Scientific
Communicationsprusconi@vergescientific.com
Investor Relations Contact
Suzanne MessereStern Investor
Relationssuzanne.messere@sternir.com
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