Following encouraging Phase 2 results, MoonLake raises USD 400 million

MoonLake Immunotherapeutics, founded in 2021, has in-licensed an antibody fragment from Merck which has clinically demonstrated potential to allow better disease control in dermatology and rheumatology patients. Last week MoonLake announced positive top-line results from its global Phase 2 MIRA trial evaluating the efficacy and safety of the Nanobody sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS).

The MIRA trial (M1095-HS-201), which recruited 234 patients, is the first randomized, double-blind, placebo-controlled trial to use Hidradenitis Suppurativa Clinical Response (HiSCR) 75 as its primary endpoint, a higher measure of clinical response versus the HiSCR50 measure used in other clinical trials, therefore representing a landmark milestone in HS clinical development.

The trial met its primary endpoint with a significantly greater proportion of patients treated with both sonelokimab 120mg and 240mg achieving HiSCR75 compared to those on placebo at week 12. Both doses performed similarly, with the 120mg dose providing the highest delta on HiSCR75 and HiSCR50.

Closing of public offering of $400 million

After the announcement of the results the share price rose sharply. Two days later, MoonLake announced the pricing of its upsized underwritten public offering of 8,000,000 Class A ordinary shares at a public offering price per share of $50.00. This week a spokesperson of Moonlake confirmed to Startupticker that the offering has been closed successfully. The gross proceeds from the offering to MoonLake, before deducting the underwriting discounts and commissions and other offering expenses payable by MoonLake, are $400 million. In addition, MoonLake has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 1,200,000 Class A ordinary shares at the public offering price, less the underwriting discounts and commissions.

(Press release / SK)