- Annexon (NASDAQ:ANNX) stock gained 10% premarket on Tuesday after the biopharmaceutical firm extended its cash runway into H2 of 2025 following the closing of a $130M private placement.
- Proceeds from the private placement, along with ANNX's current cash, cash equivalents and marketable securities, are expected to fund its current operating plan into H2 of 2025.
- "With an operating runway extended and several clinical data readouts anticipated throughout 2022 and 2023, we believe we are well-positioned to execute our near- and long-term goals," said ANNX CEO Douglas Love.
- Proceeds from the private placement, along with existing cash and investments, will be used for working capital and general corporate purposes.
- ANNX stock has declined 67.3% YTD.
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