RADNOR, Pa. - Mineralys Therapeutics, Inc. (NASDAQ:MLYS), a biopharmaceutical company specializing in treatments for hypertension and other aldosterone-related diseases, has announced a private placement financing agreement with institutional investors to raise approximately $120 million.
The transaction is spearheaded by TCGX and RA Capital Management, with additional support from new investors OrbiMed and Venrock Healthcare Capital Partners, as well as several returning investors, including Samsara BioCapital.
In this private investment in public equity (PIPE) deal, Mineralys is offering roughly 8.9 million shares of common stock—or equivalent pre-funded warrants—at $13.50 each. The pre-funded warrants are set at a nominal exercise price of $0.001 per share, are immediately exercisable, and do not have an expiration date. The closing of the PIPE, subject to standard conditions, is anticipated on February 12, 2024.
Mineralys aims to allocate the net proceeds from this financing to advance the research and development of lorundrostat, a novel drug candidate for cardiorenal conditions influenced by elevated aldosterone levels, such as hypertension and chronic kidney disease (CKD). Remaining funds are expected to support working capital and general corporate needs.
BofA Securities and Evercore are serving as placement agents for Mineralys in this PIPE.
Mineralys Therapeutics, headquartered in Radnor, Pennsylvania, was founded by Catalys Pacific and focuses on developing therapeutics for conditions caused by abnormally high aldosterone levels.
The information in this article is based on a press release statement from Mineralys Therapeutics, Inc.
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