Genfit is leading the race to unlock the NASH market, and investors feel confident: its rights offering was oversubscribed and raised €44.6M that will help the company in its journey to be the first to launch a treatment for NASH.
Genfit is leading the race to be the first to commercialize a treatment for Non-Alcoholic Steato-Hepatitis (NASH). In a final push to achieve its goal, the company has completed a rights offering oversubscribed by 348%. With an extra €44.6M in its pockets, Genfit will advance its lead candidate, Elafibranor, through Phase III and prepare for market access. The company will also explore new indications for Elafibranor and develop a non-invasive diagnostic for NASH.
NASH affects 30 million people worldwide, with rates rapidly increasing along with obesity and diabetes. There are no treatments available and the diagnosis requires painful and invasive techniques. This means that the first to launch an effective treatment could have almost exclusive access to the NASH market, which is expected to grow to no less than €18B by 2025.
Genfit’s main competitor is US-based Intercept, which is also in Phase III trials. Both companies expect to complete trials in late 2021. However, Genfit’s non-invasive diagnostic in combination with Elafibranor will surely attract patients by offering a treatment with painless follow-ups.
Genfit has been steadfastly building up expectations with its successful development of Elafibranor and its miRNA biomarker diagnostics. Investors seem to be confident of its potential, helping the company raise €50M to start Phase III trials earlier this year and now driving this outperforming rights offering.
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