Rocket Pharmaceuticals’ Phase 2 Trial Design for RP-A501 in Danon Disease Reaches FDA Alignment

(24/7 MARKET NEWS) – Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) stated, after yesterday’s market close, that it reached alignment with the Food and Drug Administration (FDA) on the global Phase 2 pivotal trial of RP-A501 for Danon Disease, a uniformly fatal inherited cardiomyopathy that leads to mortality in the majority of male patients at age ~20 and females at age ~40, and for which there are no approved curative or disease-modifying therapies. The disease affects an estimated 15,000 to 30,000 patients in the U.S. and Europe.

Rocket Pharmaceuticals further announced, this morning, that it priced an underwritten public offering of (i) 7,812,500 shares of its common stock at a public offering price of $16.00 per share and (ii) to certain investors, pre-funded warrants to purchase 3,126,955 shares of common stock at a price of $15.99 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant. The gross proceeds to Rocket from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $175 million

Rocket is trading at $20.50, up $4.91 (+34.07%), on 783.03K premarket shares traded.

Its 52-week range is $11.78 to $24.53. It’s cleared several key inflection points and the volume is strengthening, so it may try to challenge its 52-week high territory.

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