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A Series D round led by Venrock will support an ongoing Phase 2 study, and planned Phase 3 trial, of an oral drug the biotech sees as a differentiated option for patients with persistent disease.

Whereas earlier Phase 3 results disappointed Wall Street, new findings in people with “chronic” disease were viewed by analysts as much more competitive with Amgen’s Tepezza.

While overall revenue fell just shy of Wall Street forecasts, sales of the gene editing medicine Casgevy and pain drug Journavx missed analyst estimates by double-digit percentages.