Edgewise Shares Rally In Morning Trade

(RTTNews) - Shares of Edgewise Therapeutics, Inc. (EWTX) are surging more than 40% in Friday morning trade.

The company has announced pricing 21,818,182 of its shares at $11 per share. It intends to use the proceeds to support the potential U.S. commercial launch of EDG-5506 in patients with Becker muscular dystrophy, completion of Phase 2 trials of EDG-7500 in patients with hypertrophic cardiomyopathy, among others.

EDG-5506 is in clinical trials in patients with Becker, Duchenne, and Limb-Girdle muscular dystrophies as well as McArdle Disease. EDG-7500 is currently in a Phase 1 trial.

EWTX is at $13.58 currently. It has traded in the range of $5.12 - $13.32 in the last 1 year.