Structure Therapeutics shares surge after positive results in weight-loss trial, $300 million private placement

Structure Therapeutics Inc.’s American depositary receipts
GPCR,
+38.32%
jumped more than 90% premarket on Friday after the company announced positive results from an early-stage trial of a weight-loss treatment and a $300 million private placement. The company’s oral GLP-1 receptor agonist, GSBR-1290, resulted in placebo-adjusted weight loss of up to 5% in healthy patients with obesity or overweight after 28 days, the company said in a release. Structure said it continues to plan the launch of a phase 2b study of the treatment in type 2 diabetes next year. The company on Friday also announced a $300 million private placement financing, with “participation from a number of large healthcare dedicated institutional and mutual fund investors.” The proceeds will go toward accelerating GSBR-1290 development as well as other programs from the company’s oral incretin franchise, Structure CEO Raymond Stevens said in a statement.