Assembly Biosciences Inc (NASDAQ: ASMB) has been gaining upside momentum since late October. In yesterday’s session, it rallied to close the day with gains of 34.44%. This came after the company announced the pricing of its public offer of 5, 151,515 of common stock at $16.50 per share. The offer will run-up to December 16th and the company expects to generate a gross of $125 million. The company also announced that it will use the money from this offer to finance its clinical trials, R&D, non-clinical studies and also for other business-related purposes.
One of the company’s studies at the moment is on 1st and 2nd generation HBV inhibitors for the treatment of chronic Hepatitis B. While doing a presentation on these in mid-November at the annual meeting of the American Association for the Study of Liver Diseases, the company provided data on the first dose on the on-going Phase 1b study of ABI-H2158 (2158).
The presentation included 24-week data from people who were HBeAg-positive. The company reported that, from the 97 patients in the study, 87 of them are receiving 731+Nrtl and had been treated for 16 weeks. It also announced that, the treatment was well tolerated and 26 patients showed no adverse effects.
Medical experts that commented on that presentation had positive things to say about the company’s progress According to Dr. Kosh Agarwal of King’s College Hospital in London, the data presented by Assembly indicated that, the company’s core inhibitor had the potential to reduce cccDNA levels. He added that, players in the medical field would like to see a new treatment that would suppress the virus, while at the same time having high tolerable levels.
From the charts, the stock traded between a low of $17.40 and a high of $25.07 before closing the day at $23.81. Volumes in the day stood at 6.31 million.
About Assembly Biosciences Inc
Assembly Biosciences Inc is a biotech firm that develops treatments for the hepatitis B virus. The company has its headquarters in Carmel, Indiana.