Sarepta CEO: $125 Million Offering Demand Was Strong
Here are some excerpts from our conversation:
On investor demand for the offering:
"We went out with a target of raising $75 million but by the time we were ready to close the book we were more than three times oversubscribed, almost four times... The book was full of top quality institutional investors, many of whom were not going to get the allocation they wanted, so we decided to upsize the offering."
On Sarepta's new shareholder base:
"Previously, we had about 35% institutional investors. With the close of this offering, we're up to 50%, including a lot of long-only accounts and good fundamental life-sciences investors. It's really nice to see the company's shareholder base change.
On the timing of the stock offering:
"It's hard to find the right
On plans for the FDA meeting to discuss the possibility of filing accelerated approval for eteplirsen:
"We're sticking with our guidance that we will be requesting a meeting with FDA before the end of the year, which puts us squarely on track to have the meeting in the first quarter."
When can investors expect to hear from Sarepta about the outcome of the FDA meeting?
"We won't be saying anything publicly until we get the final minutes from the FDA meeting, which probably means a March-April timeframe. At that point, we'll update investors on whether or not we will be pursuing an accelerated approval
On eteplirsen manufacturing and timing of a possible eteplirsen approval filing:
"We need to have difference discussions with FDA about clinical and manufacturing issues. The plan right now is to meet with FDA about CMC
"We're getting a lot of interest in this program... but we don't need to partner. We expect a partner to be flexible and give us the structure that we're looking for. It's hard to time a potential deal or if one will happen, but with the financing, we are in a strong negotiating position."