PepGen (PEPG) Skyrockets 121% on Stellar Experimental Treatment Trial Results

We recently published Massive Gains: 10 Stocks Investors Can’t Stop Buying. PepGen Inc. (NASDAQ:PEPG) is one of the top performers on Thursday.

Shares of PepGen soared by 121.05 percent on Thursday to end at $5.88 apiece as investors cheered stellar results from its clinical trial of an experimental drug to treat myotonic dystrophy type 1 (DM1).

In a statement, PepGen Inc. (NASDAQ:PEPG) said it saw a 53.7 percent correction in the key genetic error that drives the disease in patients taking 15 mg/kg of the drug candidate called PGN-EDODM1.

It was higher than any previously reported splicing correction in DM1 patients.

“We are delighted to report that the … clinical study achieved all of its key objectives, including unprecedented splicing correction following a single dose of PGN-EDODM1 at 15 mg/kg,” said Paul Streck, EVP for research and development.

“Since mis-splicing is the underlying cause of DM1, we believe high levels of splicing correction have the potential to reverse the underlying molecular defects, and produce functional improvements in multiple outcome measures, including myotonia and muscle weakness, in repeat dose studies.”

Following the results, PepGen Inc. (NASDAQ:PEPG) kicked off a $100 million public offering, covering the sale of 31.25 million shares at a price of $3.20 apiece.

PepGen Inc. (NASDAQ:PEPG) said it plans to use the proceeds to fund its ongoing research and clinical development efforts, including the DM1 clinical trials, while the balance will be allocated for other general corporate purposes.

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Disclosure: None. This article is originally published at Insider Monkey.