- Drug development company PYC Therapeutics (PYC) has ended the week in two trading halts ahead of an upcoming capital raise
- At this stage, it’s unclear how much the company is aiming to raise and where the funds will go
- PYC shares will be paused until Thursday, October 22, or when further information about the capital raise is a release
- On Monday, PYC announced it added a new drug development program to its pipeline for the treatment of Autosomal Dominant Atrophy
- PYC last traded for 18.5 cents per share on October 16
Drug development company PYC Therapeutics (PYC) has ended the week in two trading halts ahead of an upcoming capital raise.
At this stage, it’s unclear how much the company is aiming to raise and where the funds will go.
PYC shares will be paused until Thursday, October 22, or when further information about the capital raise is a release.
On Monday, PYC announced it added a new drug development program to its pipeline. The new candidate aims to treat Autosomal Dominant Atrophy (ADOA), which is caused by mutations in the OPA1 gene.
ADOA is a rare disease that causes vision and hearing loss, as well as affecting the patient’s muscles.
This new drug will be the third to join PYC’s drug development pipeline.
Earlier this month, PYC also filed for patent protection for a new drug to address diabetic retinopathy and age-related macular degeneration — the two leading causes of blindness.
PYC last traded for 18.5 cents per share on October 16.