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Kymera Announces $150 Million Private Placement Equity Financing
WATERTOWN, Mass., Aug. 19, 2022 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing targeted
About this update from Kymera Therapeutics, Inc.
[{"type":"text","content":"WATERTOWN, Mass., Aug. 19, 2022 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing targeted protein degradation to deliver novel small molecule protein degrader medicines, has entered into a securities purchase agreement with certain existing and new accredited investors to issue and sell an aggregate of 2,769,228 shares of its common stock (“Common Stock”) at a price of $26.00 per share and pre-funded warrants (“Pre-Funded Warrants”) to purchase up to an aggregate of 3,000,000 shares of Common Stock at a purchase price of $25.9999 per pre-funded warrant share, through a private investment in public equity (“PIPE”) financing. The Pre-Funded Warrants will have an exercise price of $0.0001 per share of Common Stock, be immediately exercisable and remain exercisable until exercised in full. Kymera anticipates the gross proceeds from the PIPE to be approximately $150.0 million, before deducting offering expenses. The financing is expected to close on August 22, 2022, subject to customary closing conditions. Proceeds from the financing will support Kymera’s ongoing research and development activities as well as general corporate purposes and working capital. The offering was led by a US-based, healthcare-focused fund, and by Biotechnology Value Fund (BVF), with participation from Avoro Capital Advisors, EcoR1 Capital, Redmile Group, Rock Springs Capital and funds and accounts advised by T. Rowe Price Associates, Inc. “With three programs actively recruiting patients and several others progressing toward the clinic, this financing will enable us to continue to invest in our pipeline while extending our cash runway,” said Nello Mainolfi, PhD, Co-Founder, President and CEO. “We thank our investors for their confidence in the broad potential of our targeted protein degradation pipeline and platform and their support for our mission to build a fully integrated medicines company that can have a meaningful impact on patients’ lives.” Subsequent to the closing of this offering, Kymera expects its cash, cash equivalents, and investments to exceed $600 million on August 31, 2022. This cash estimate is a preliminary estimate and based on information available to management as of the date of this offering, and these estimates could change. The securities sold in this PIPE, including...