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Xenon Pharmaceuticals Shares Drop On Proposed Public Offering

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  • Xenon Pharmaceuticals Inc (NASDAQ: XENE) announced an underwritten public offering of its common shares.

  • Underwriters of the offering will be granted an option for a period of 30 days to purchase an additional 15% of common shares at the public offering price.

  • Jefferies, J.P. Morgan, SVB Securities, and Stifel are acting as joint book-running managers for the offering.

  • An automatically effective shelf registration statement relating to the securities offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on October 4, 2021.

  • Additionally, the company announced new, compelling efficacy data supporting the late-stage, Phase 3 development of XEN1101.

  • "We have generated additional efficacy data from subgroup analyses of our Phase 2b X-TOLE trial, which further support our Phase 3 development plans for XEN1101. A 'time course to efficacy' analysis shows that all doses of XEN1101 rapidly reduced the frequency of focal onset seizures within one week compared to placebo, suggesting that XEN1101 may offer a compelling and differentiated option for patients seeking to quickly reduce seizure frequency," stated Mr. Ian Mortimer, Xenon's President, and Chief Executive Officer.

  • Price Action: XENE shares are trading lower by 8.04% at $31.91 during the post-market session on Wednesday.

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