In the aftermath of successful Phase IIb data for efruxifermin (EFX) in pre-cirrhotic non-alcoholic steatohepatitis (NASH) and a heady increase in its share price, Akero Therapeutics, Inc. is looking to more than double its cash on hand via a follow-on public offering as prepares to launch a multi-trial Phase III NASH program. Akero priced an offering of 7.7 million shares at $26 each to gross $200m on 15 September, two days after reporting its Phase IIb HARMONY clinical trial results.
Following the reveal that EFX, an FGF21 analog, hit its primary endpoint of at least one stage of fibrosis reduction without worsening of NASH, Akero saw its share price, which closed at $12.27 on 12 September, more than double, closing at $29.05 on 13 September
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