Stoke Therapeutics to Gross $125M from Sale of Shares

Bedford biotech Stoke Therapeutics expects gross proceeds from its public offering of shares to reach $125 million. The offering is expected to close on or about April 2, 2024. Stoke is focused on addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines. Using its proprietary approach, the company is developing antisense oligonucleotides to selectively restore protein levels.

Stoke’s first compound, STK-001, is in clinical testing for the treatment of Dravet syndrome, a severe and progressive genetic form of epilepsy. Dravet syndrome is one of many diseases caused by a haploinsufficiency, in which a loss of ~50% of normal protein levels leads to disease. Stoke is also pursuing the development of STK-002 for the treatment of the most common inherited optic nerve disorder.

Stoke’s initial focus is haploinsufficiencies and diseases of the central nervous system and the eye, although proof of concept has been demonstrated in other organs, tissues, and systems, supporting its belief in the broad potential for its proprietary approach.

Stoke intends to use the net proceeds, together with its existing cash and cash equivalents, to fund research, clinical and process development and manufacturing of its product candidates, including late-stage development of STK-001 and further development of STK-002, developing additional product candidates, working capital, capital expenditures, and for other general corporate purposes. Stoke is headquartered in Bedford with offices in Cambridge. (Source: Stoke Therapeutics Website, 27 March, 2024)