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Mineralys Therapeutics Announces $120 Million Private Placement Financing
RADNOR, Pa., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing
About this update from Mineralys Therapeutics, Inc.
[{"type":"text","content":"RADNOR, Pa., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension, chronic kidney disease (“CKD”) and other diseases driven by abnormally elevated aldosterone, today announced that it has entered into a securities purchase agreement with institutional accredited investors to sell securities in a private placement financing (the “PIPE”) for gross proceeds of approximately $120 million, before deducting estimated fees and expenses. The financing was led by new investor TCGX and existing investor RA Capital Management, with participation from new investors OrbiMed and Venrock Healthcare Capital Partners, along with several existing investors including Samsara BioCapital and a large investment management firm. In the PIPE, Mineralys is selling an aggregate of approximately 8.9 million shares of its common stock (or pre-funded warrants in lieu thereof) at a price of $13.50 per share (or $13.499 per pre-funded warrant). The pre-funded warrants will have an exercise price of $0.001 per share of common stock, will be immediately exercisable and will not expire. The PIPE is expected to close on February 12, 2024, subject to customary closing conditions. Mineralys expects to use the net proceeds from the PIPE to fund the research and development of lorundrostat, and for working capital and general corporate purposes. BofA Securities and Evercore are acting as placement agents to the Company in connection with the PIPE. The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Mineralys has agreed to file a registration statement with the Securities and Exchange Commission (SEC) registering the resale of the shares of common stock and shares of common stock issuable upon the exercise of the pre-funded warrants issued in this PIPE. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or...