Here's Why Solid Biosciences Is Soaring Today
Shares of Solid Biosciences (NASDAQ: SLDB) jumped over 32% today after the company announced changes to the clinical program evaluating its lead drug candidate, SGT-001, as a treatment for Duchenne muscular dystrophy (DMD). The changes are meant to address previous red flags experienced in the first patient given the highest dose of the gene therapy, as reported in May, and shorten the time required to generate meaningful clinical data.
Investors have good reason to cheer the announcement from the struggling biopharma. Solid Biosciences exited June with just $52 million in cash. While it raised $60 million through a private placement in July and says there's enough cash to fund operations into late 2020, the business reported an operating loss of $57 million in the first half of 2019. Therefore, expediting the time to results will help to mitigate the risk of dilution.
As of 12:03 p.m. EDT, the stock had settled to a 28.5% gain.
Source Fool.com
