Shares of biotechnology company Unicycive (NASDAQ:UNCY) have more than doubled in the pre-market session today after the company entered into securities purchase agreements with institutional investors securing about $130 million in gross proceeds.
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These funding agreements include Vivo Capital, RA Capital, BVF Partners, Logos capital as well as Nantahala capital, and Rosalind Advisors.
Importantly, the move will help UNCY in preparing for a potential launch of Renazorb. A new drug application for marketing approval for the drug with the U.S. Food and Drug Administration is anticipated in the middle of this year.
With only three pills to be taken daily, the drug could substantially lower the pill burden for hyperphosphatemia patients. The market opportunity for the indication in the U.S. alone is pegged at $1 billion in 2023.
Overall, Wall Street has a consensus price target of $8 on UNCY, implying a substantial 1532.65% potential upside in the stock. That’s after a nearly 65% slide in the share price over the past year.
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