Investing.com -- Q32 Bio (NASDAQ: QTTB) shares climbed 26% to $8.94 in premarket trading on Wednesday following the announcement of a $55 million private placement financing.

The company, which develops therapies for alopecia areata and other autoimmune and inflammatory diseases, sold approximately 6.9 million shares and pre-funded warrants at $8 per share.

BVF Partners led the private placement, with participation from RA Capital Management, OrbiMed, and Atlas Venture. Morgan Stanley served as lead placement agent alongside Oppenheimer.

Q32 Bio shares closed up 22% at $7.09 on Tuesday, bringing year-to-date gains to approximately 114%.