PTC Therapeutics got an early Christmas gift this morning in the form of $50 million in financing. The round--PTC's first syndicated equity financing round in over four years--was led by new investor The Column Group and existing investor Delphi Ventures.
PTC garnered a great deal of interest last year when the company turned in good data for ataluren (PTC124), a therapy currently undergoing trials for the treatment of cystic fibrosis and Duchenne muscular dystrophy (DMD). And there's hope that the drug could treat another 1,800 genetic diseases linked to the same cellular process that triggers DMD.
"This round of funding increases financial flexibility for PTC as it prepares to commercialize its internally discovered and developed lead product. We believe the commercial launch of ataluren will represent a new paradigm in the treatment of genetic disorders," said Deepa Pakianathan of Delphi Ventures. The company says that with this round of financing plus existing revenues from collaborations with Genzyme, Merck, Celgene and Roche give is a cash runway that extends well into 2011.
Top-line data for ataluren in DMD is expected in 2010. If successful, the company could file an NDA for the drug mid-2010 and have an approval in hand by 2011.
- check out PTC's release