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Thursday, May 19, 2022

Inozyme Pharma, Inc. (INZY) Stock Plunged 4.47% Current-Market, Here’s Why       

Inozyme Pharma, Inc. (INZY) stock plummeted 4.47% in the current-market trading session at the price of $4.70 despite no fundamental updates.  

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INZY is a clinical-stage rare condition biopharma firm. The stock develops and commercializes novel therapeutics to treat diseases related to abnormal mineralization. The company utilizes in-depth knowledge of the biological processes involved in mineralization to address the primary causes of debilitating conditions. 

INZY US$73M Underwritten Offering 

On 14th April 2022, INZY announced the pricing of its underwritten offering of 16,276,987 common stock shares at US$3.69 per share. The company also offered pre-funded warrants to purchase an additional 3,523,013 common stock shares at US$3.6899 per warrant. INZY expects to earn gross proceeds of US$73M from the offering before subtracting offering discounts and other underwriting charges.   

The securities were offered under a shelf registration statement on Form S-3 filed with SEC earlier on 11th August 2021 and became effective on 23rd August 2021. Cowen and Company LLC and Jefferies LLC are serving as mutual book-runners for the offering. The offering has anticipated to close on 19th April 2022 and is subject to customary closing conditions.  

INZY Market Updates 

2021 was a transformational period for Inozyme, as the stock progressed and expanded its INZ-701 platform and renovated into a clinical-stage firm. The company has initiated its first clinical trial for patients having ENPP1 Deficiency. Meanwhile, it has started screening the patients for the trial dealing with ABCC6 Deficiency. The stock has deepened its expertise in the pathophysiology of rare mineralization diseases.   

The management is hopeful that INZ-701 will bring significant benefits to patients with ABCC6 Deficiency and ENPP1 Deficiency. The stock is committed to realizing the full potential of its novel therapeutic pipeline. The company has cash, cash equivalents, and investments of roughly US$111.8M on 31st December 2021. INZY expects its existing cash amount to fund its operating costs and capital expenses till Q1 of 2023. 

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