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Investing.com -- Dyne Therapeutics Inc (NASDAQ:DYN) stock dropped 8.8% following the company’s announcement of a $200 million common stock offering, which could potentially dilute existing shareholders.
The clinical-stage neuromuscular disease company said it has commenced an underwritten public offering of $200 million worth of common shares, with plans to grant underwriters a 30-day option to purchase up to an additional $30 million in shares. Morgan Stanley (NYSE:MS), Jefferies, Stifel, and Guggenheim Securities are acting as joint book-running managers for the offering.
The share offering announcement comes shortly after Dyne secured a $275 million non-dilutive senior secured term loan facility with Hercules Capital, Inc. (NYSE:HTGC). The loan package includes $100 million funded upfront, with additional tranches totaling up to $175 million available subject to clinical, regulatory, and commercial milestones.
"This non-dilutive financing enhances our ability to advance our DM1 and DMD programs, with potential U.S. Accelerated Approval submissions planned for 2026, and provides strategic flexibility as we focus on strengthening our balance sheet and financial outlook," said John Cox, president and CEO of Dyne, regarding the loan facility.
Dyne is developing treatments for myotonic dystrophy type 1 and Duchenne muscular dystrophy, with potential U.S. launch for its DMD treatment targeted for 2027. The company’s DYNE-101 and DYNE-251 programs are advancing through clinical and regulatory milestones.
The company noted that the proposed offering is subject to market conditions, with no assurance regarding completion timing, size, or terms.
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