Synageva BioPharma Corp.
) completed an underwritten public offering of 3.16 million
shares of its common stock. The company raised approximately $179
million by offering the shares at $56.63 per share. The offering
was inclusive of an option granted to underwriters to purchase an
additional 412,500 shares of Synegeva's common stock.
We believe that Synageva, a company focused on the development
and commercialization of therapeutics products for treating
patients suffering from rare life-threatening diseases, will use
the funds for the development of its pipeline.
The company's interesting pipeline candidates include
sebelipase alfa and SBC-103. Sebelipase alfa and SBC-103 are
enzyme replacement therapies being evaluated for the treatment of
lysosomal storage diseases.
Synageva is developing sebelipase alfa for the treatment of
early onset of lysosomal acid lipase deficiency (LAL deficiency),
also known as Wolman disease. The candidate is currently in a
randomized, double-blind, placebo-controlled phase III study,
ARISE. The company expects to complete patient enrollment in this
study in 2014.
In May 2013, Synageva received breakthrough therapy
designation from the U.S. Food and Drug Administration for
sebelipase alfa for the treatment of LAL Deficiency.
The company's other notable pipeline candidate isSBC-103.The
candidate is being evaluated for mucopolysaccharidosis IIIB (MPS
IIIB), also known as Sanfilippo B syndrome. The company intends
to start clinical studies on SBC-103 during the first half of
Synageva carries a Zacks Rank #3 (Hold). Companies that
currently look well-positioned include
) with a Zacks Rank #1 (Strong Buy), and
Sarepta Therapeutics, Inc.
) with a Zacks Rank #2 (Buy).
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