Transformative capital raise to fund VYNE’s BET inhibitor programs through the end of 2025
BRIDGEWATER, N.J., Nov. 01, 2023 (GLOBE NEWSWIRE) — VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”), a clinical-stage biopharmaceutical company developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced the closing of its previously announced private placement financing (the “PIPE”). In the PIPE, VYNE received aggregate gross proceeds of $88.2 million, before deducting placement agent fees and offering expenses, from the sale of 10,652,543 shares of common stock at a purchase price of $2.245 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 28,614,437 shares of common stock at a purchase price of $2.2449 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.0001 per share of common stock and is immediately exercisable and will remain exercisable until exercised in full. The PIPE was priced to satisfy the “Minimum Price” requirement set forth in the Nasdaq listing rules.
LifeSci Capital LLC acted as the exclusive placement agent for the PIPE.
All of the securities in the PIPE were offered by VYNE. The offer and sale of the securities sold in the PIPE, including the shares of common stock underlying the pre-funded warrants, were made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws. Accordingly, the securities may not be reoffered 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 and applicable state securities laws. As part of the PIPE, VYNE has agreed to file a registration statement with the Securities and Exchange Commission for the purpose of registering the resale of the shares of common stock issued in the PIPE and the shares of common stock underlying the pre-funded warrants issued in the PIPE.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
Additional details regarding the PIPE are included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 30, 2023.
About VYNE Therapeutics Inc.
VYNE’s mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions. The Company’s unique and proprietary bromodomain & extra-terminal (BET) domain inhibitors, which comprise its InhiBET™ platform, include a locally administered pan-BD BET inhibitor (VYN201) and an orally available BD2-selective BET inhibitor (VYN202) that were licensed from Tay Therapeutics Limited.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to VYNE’s cash runway through the end of 2025 and the filing of a resale registration statement. All statements in this press release which are not historical facts are forward-looking statements. Any forward-looking statements are based on VYNE’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those set forth or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, VYNE’s ability to timely file a resale registration statement in connection with the PIPE and other important factors discussed in the section titled “Risk Factors” in VYNE’s Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and VYNE’s other filings from time to time with the U.S. Securities and Exchange Commission. Although VYNE believes these forward-looking statements are reasonable, they speak only as of the date of this announcement and VYNE undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Given these risks and uncertainties, you should not rely upon forward-looking statements as predictions of future events.
LifeSci Advisors, LLC
VYNE Therapeutics Inc.