PepGen Secures Major Funding to Advance Key Clinical Program

Biotechnology firm PepGen has successfully closed a significant equity offering, raising gross proceeds of $115 million. This fresh capital infusion arrives as the company sharpens its strategic focus on its lead program for myotonic dystrophy type 1 (DM1), following a pipeline restructuring last year. The market now awaits upcoming clinical data to assess the program's potential.

• Gross Proceeds: $115 million
• Offering Price: $3.20 per share
• Core Project: FREEDOM2-DM1 clinical study
• Next Key Date: Quarterly report due March 19, 2026

The capital raise is earmarked to advance the clinical development of PepGen's therapeutic candidates. This effort is now centered squarely on the DM1 program, a focus that resulted from a strategic pivot in May 2025. At that time, the company discontinued development of its candidate for Duchenne muscular dystrophy (DMD) after data indicated insufficient dystrophin production.

Since that decision, PepGen has doubled down on its proprietary Enhanced Delivery Oligonucleotide (EDO) technology platform to drive progress in treating myotonic dystrophy.

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Financing Details

In the offering, shares were placed at a price of $3.20 each. The gross proceeds reached the full $115 million amount after the underwriters fully exercised their option to purchase additional shares.

Upcoming Catalysts and Milestones

The first quarter of 2026 holds critical near-term milestones for the company. PepGen plans to release study results from the 5 mg/kg cohort of its FREEDOM2-DM1 trial. Concurrently, dosing is scheduled to begin for the next patient group in the 10 mg/kg cohort.

These data releases are viewed as a crucial test for validating the company's refocused pipeline strategy. Investors can expect further details on clinical progress and the updated financial runway following the offering when PepGen files its next quarterly report on March 19, 2026.