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Orchard Therapeutics Raises $150 Million From New, Existing Investors -- Shares Soar 20%

· 02/05/2021 09:27

02:25 PM EST, 02/05/2021 (MT Newswires) -- Orchard Therapeutics (ORTX), a gene therapy group, said it raised gross proceeds of $150 million through a private investment in public equity financing program.

The company sold more than 24.1 million shares at $6.22 each to existing as well as new investors such as RA Capital Management, Avidity Partners and Casdin Capital, according to a statement.

Shares were up by 20% in late-day trading.

Proceeds will be used to support the launch of Libmeldy in Europe, advance the firm's regulatory and clinical development activities and expand its stem cell gene therapy approach into larger indications, among other things.

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