VYNE Therapeutics Announces Closing of $50 Million Registered Direct Offering of Common Stock and Provides Corporate Update

About this update from Vyne Therapeutics Inc.

[{"type":"text","content":"BRIDGEWATER, N.J., Jan. 29, 2021 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”) today announced that it has closed its previously announced registered direct offering of an aggregate of 21,097,046 shares of common stock at a purchase price of $2.37 per share. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. After deducting placement agent’s fees, advisory fees and other offering expenses payable by VYNE, VYNE received net proceeds of approximately $46.7 million. VYNE intends to use the net proceeds from the offering for working capital and general corporate purposes. In addition to the proceeds raised in the registered direct offering, the Company raised an additional $34.3 million of net proceeds from sales of common stock through the Company’s existing “at-the-market” program over the last three months and prior to the commencement of the registered direct offering. With the combined net proceeds of $81.0 million received from the registered direct offering and the “at-the-market” offerings, in addition to the Company’s existing cash and investments as of December 31, 2020 and projected cash flows from revenues, the Company expects to have sufficient cash to fund its operating expense and capital requirements through the end of 2022. Accordingly, the Company has terminated its “at-the-market” program. The shares of common stock sold in the registered direct offering were offered pursuant to a “shelf” registration statement (File No. 333-229482) filed with the Securities and Exchange Commission (“SEC”) and declared effective on February 12, 2019. The offering was made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares being offered was filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering of the shares of common stock may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: [email protected] or by telephone: (646) 975-6996. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securitie...

More updates from Vyne Therapeutics Inc.