multiQure, an innovative project developing a breakthrough RNAi therapy for Huntington’s disease, will raise PLN 50 million. Pure Biologics (to be renamed multiQure S.A.), the company to which the project was contributed, has carried out an accelerated bookbuilding (ABB) process, under which it secured demand for 50 million newly issued series S shares at a price of PLN 1.00 per share. The funds raised by the Company through the issue will be allocated to delivering a series of milestones related to administering the RNAi therapy to the first patients under the hospital exemption pathway, as well as obtaining the first results on efficacy and the safety profile. The raising of funds also completes the agreement concluded between Pure Biologics and Biofund Capital Management.
– We are delighted by the trust of the investors who decided to invest in multiQure. Gene therapies are the future of treatment for polyglutamine diseases, above all Huntington’s disease. This is also reflected in signals coming from the FDA. The share price of uniQure, our competitor in gene therapy, rose by almost 80% on the day it published its conclusions following a meeting with the US regulator, with its market capitalization exceeding USD 3 billion. This shows the valuation potential of our project. We are pleased that Polish investors are already gaining exposure to such a promising area – says Dr. Kris Siemionow, the leading investor in the multiQure project and one of the shareholders of the Biofund fund.
As part of the ABB transaction, the Company identified demand for 50,000,000 newly issued series S shares at a price of PLN 1.00 per share, set during the bookbuilding process. The Offering Managers were IPOPEMA Securities S.A. and Dom Maklerski INC S.A. The funds raised in this way will support the development of the multiQure RNAi platform – above all, the Huntington’s disease therapy project.
The share issue and the raising of funds are the last conditional element of the agreement between Pure Biologics and Biofund Capital Management. Under the agreement, Biofund and JD Copilot, the owners of the project, contributed it to the Company in exchange for 146,700,000 series Q shares. In addition, the agreement also provided for the write-off of a loan granted to the Company by ACRX, a significant shareholder, in exchange for 16,804,603 series R shares. The final step in the process will be the change of the Company’s name to multiQure S.A.
– Contributing multiQure to Pure Biologics and raising funds for its development means we are giving it a second life and access to the most innovative solutions in biotechnology. Both existing and new shareholders have now gained exposure to a market with potential value running into the tens of billions of dollars. This is only the beginning of our journey – says Dr. Kris Siemionow.
The proceeds from the issue will allow the Company to prepare for and carry out the administration of the RNAi therapy to the first patients at a specialized center. This goal is expected to be achieved in the second half of 2027. Physicians will then carry out regular patient monitoring – the Company expects to receive the first results of this process by mid-2028. In the meantime, the Company will prepare an application for a clinical trial (IND submission) to the FDA or another regulator. The submission is also planned for mid-2028.
– Thanks to the funds raised from investors, we will take a very significant step forward in delivering the project. The first results of our work can be expected as early as next quarter. We plan to launch the process of selecting the optimal subcontractor for GMP-standard viral vector manufacturing, to develop, in cooperation with physicians, patient inclusion and exclusion criteria for the planned so-called hospital exemption procedure (ATMP-HE) and the exact procedure for administering the treatment, and to begin preparations for consultations with regulatory authorities – says Tomasz Nocuń, head of the multiQure project.
The RNAi platform developed by multiQure is a therapy for Huntington’s disease and other polyglutamine diseases. Its revolutionary nature lies in targeting the cause of the disease, halting its progression, and, when applied sufficiently early and correctly, it has the potential to prevent the onset of its symptoms. Another major advantage is the one-time nature of the procedure. The economic potential of the project was assessed by experts from Baker Tilly, who estimated its value at the current stage at USD 111.3 million, which converts to over PLN 400 million.