Regulus Surges 60% On Positive Outcome From Phase1b MAD Trial, Private Placement Of $100 Mln

(RTTNews) - Shares of Regulus Therapeutics Inc. (RGLS) are soaring over 60 percent on Tuesday morning following the announcement of positive data from the company's Phase 1b MAD trial of of RGLS8429 along with private placement of $100 million.

The trial results showed that RGLS8429 was well-tolerated with no safety concerns in the patients with Autosomal Dominant Polycystic Kidney Disease or ADPKD.

Also, the investors had agreed to purchase the company's shares at $1.60 per share, and a new class of non-voting Class A-6 convertible preferred stock at $160.00 per share under the private placement.

Currently, Regulus's stock is trading at $2.22, up 60.14 percent over the previous close of $1.38 on the volume of around 82 million on the Nasdaq.