Solid Biosciences (SLDB) shares were up almost 34% in Tuesday trading after the company said a phase 1/2 trial of its gene therapy candidate SGT-003 for Duchenne muscular dystrophy yielded positive data.

Preliminary 90-day biopsy results from the initial three participants demonstrated a mean microdystrophin expression level of 110%, as assessed by western blot analysis, the company said. There were also enhancements in multiple biomarkers that point to improved muscle health and resilience, it added.

SGT-003 also demonstrated a favorable safety profile in six dosed participants, with no serious events reported, Solid said. The company plans to seek a meeting with the US Food and Drug Administration in mid-2025 to discuss SGT-003's potential for accelerated approval.

Separately, the company priced an underwritten offering of more than 35.7 million common shares at $4.03 apiece and prefunded warrants to purchase nearly 13.9 million common shares at $4.029 per warrant to raise about $200 million.

The offering is set to close on Wednesday, it said.

Price: 5.39, Change: +1.36, Percent Change: +33.75