PMV Pharmaceuticals to cut 30% of its employees: The Princeton, NJ-based company had 62 full-time employees as of Feb. 28. It expects the cuts to extend its cash runway through 2026. PMV’s stock $PMVP was down about 10% on Friday morning after the announcement.
Edgewise Therapeutics’ $240M offering: The company, which is developing therapies for muscle diseases, is selling about 21.8 million shares of its common stock at $11.00 a share. The offering includes several new investors like RA Capital Management, TCGX, and Venrock Healthcare Capital Partners. Edgewise, which recently launched a new website that aims to raise awareness about the rare disease, plans to use the money it raises to support the commercial launch of EDG-5506 for Becker muscular dystrophy if the therapy receives FDA approval, among other uses.
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