Home / Business and Economy / Foresite Capital Dumps Edgewise Therapeutics Stake
Foresite Capital Dumps Edgewise Therapeutics Stake
30 Dec
Summary
- Foresite Capital Management VI exited its entire Edgewise Therapeutics holding.
- The sale occurred during the third quarter for approximately $7.67 million.
- Edgewise Therapeutics focuses on treatments for Duchenne and Becker muscular dystrophy.
Foresite Capital Management VI completed a full exit from its investment in Edgewise Therapeutics during the third quarter, concluding on September 30. The fund divested its entire position, reducing its holdings by 585,000 shares in a transaction valued at an estimated $7.67 million based on quarterly average pricing.
Previously, Edgewise Therapeutics constituted a substantial portion, around 4.3%, of Foresite Capital Management VI's assets under management. Following this significant sell-off, the fund's top holdings now include NASDAQ:CGON, NASDAQ:RAPT, and NASDAQ:CNTA, among others.
Edgewise Therapeutics is a biopharmaceutical company concentrating on developing precision medicines for rare muscle disorders. Its lead candidate, EDG-5506, targets Duchenne and Becker muscular dystrophy. As of the latest reporting period, the company operates a research-driven model and has not yet generated commercial revenue.
