PolyPid Down 19% After Study Update, Private Placement

Dow Jones2024-12-25

By Josh Beckerman

PolyPid shares declined 19% to $2.97 Tuesday after the company reported a clinical trial update for its lead product candidate and a private placement of up to $41 million.

The SHIELD II Phase 3 trial is evaluating D-PLEX for prevention of surgical site infections in patients undergoing abdominal colorectal surgery with large incisions. Following the independent Data Safety Monitoring Board's review of unblinded efficacy data from the first 430 enrolled patients in the trial, the board recommended enrolling 800 patients in the study.

"We view the DSMB's recommendation to conclude SHIELD II upon the enrollment of 800 patients as a favorable outcome, as it is suggestive of positive efficacy signals from D-PLEX(100)," the company said Monday. The board also confirmed a good safety profile in the trial to date, PolyPid said.

Concurrently, PolyPid said it entered an agreement for a private placement financing led by existing institutional shareholders for $14.5 million in gross proceeds. Investors have agreed to buy 4.5 million shares, or pre-funded warrants in lieu of shares, for $3.22 each. The investors will also receive 6.74 million warrants.

On Aug. 1, the company announced a private placement of up to $14 million in gross proceeds.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

December 24, 2024 14:58 ET (19:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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