Shares of Rezolute climbed after the company said its potential treatment for tumor hyperinsulinism met its primary efficacy endpoint in a recent late-stage study.
The stock rose 12%, to $4.36, in premarket trading Friday. Through Thursday's close, shares are up nearly 80% year to date.
Rezolute before the bell said its treatment, ersodetug, helped to reduce patients' glucose infusion rate, a measure of how much sugar a person needs through an IV drip to keep their blood sugar from dropping.
"We are thrilled with this outcome and what it means for individuals living with tumor hyperinsulinism," Chief Executive Nevan Charles Elam said.
Tumor hyperinsulism is a rare condition in which abnormal tumors cause the body to produce or secrete excessive insulin, which can lead to dangerously low blood sugar.
"We believe that we are well positioned to advance both congenital HI and tumor HI into the approval process next year and we look forward to discussions with FDA in the first quarter of 2027," Elam said.
Separately, Rezolute also on Friday announced the pricing of an underwritten offering of more than 22 million shares of its common stock, planning to sell each for $3.87. To certain investors in lieu of common stock, the company will sell pre-funded warrants to purchase up to 3.8 million shares of common stock.
The offering, expected to close Monday, is anticipated to result in gross proceeds of about $100 million before deducting underwriting costs, commissions and offering expenses.
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