09:55 AM EDT, 03/12/2024 (MT Newswires) -- Regulus Therapeutics ( RGLS ) said Tuesday that the second cohort of patients in the phase 1b study of RGLS8429 for Autosomal Dominant Polycystic Kidney Disease showed "clear evidence of a mechanistic dose response" over placebo.

The company said the drug candidate showed a dose-dependent response in increasing levels of urinary polycystin proteins, which are associated with improved kidney function in patients receiving a dose of 2 milligrams of RGLS8429 per kilogram of body weight.

Based on data from the study, which is evaluating RGLS8429 across four different dose levels, Regulus said it plans to expand the study size and explore higher doses.

Separately, the company said it expects gross proceeds of about $100 million from an oversubscribed private placement with certain institutional and accredited investors. Investors can purchase common stock at $1.60 per share or convertible preferred stock, convertible to 100 common shares, at $160 per share, Regulus added.

The company said it intends to use the net proceeds from the placement, expected to close on or around Thursday, to support its ongoing development of microRNA-targeting drugs.

The company's shares were up 100% in recent Tuesday trading.

Price: 2.76, Change: +1.38, Percent Change: +100.00