VYNE Therapeutics Announces Private Placement of $88 Million

Transaction provides $88 million to fund VYNE’s clinical development programs for VYN201 and VYN202 through the end of 2025

BRIDGEWATER, N.J., Oct. 30, 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 that the Company has signed a securities purchase agreement with certain healthcare-focused institutional investors for a private placement financing (the “PIPE”) that is expected to result in gross proceeds of $88 million, before deducting placement agent fees and offering expenses. The PIPE was led by Access Biotechnology, with participation from Eventide Asset Management, Cormorant Asset Management, Acorn Bioventures, Parkman Healthcare Partners, Surveyor Capital (a Citadel company), Soleus Capital, Palo Alto Investors LP, and other undisclosed investors.

“We are proud to partner with leading fundamental healthcare investors in this transformative financing of our company to advance our InhiBET platform,” said David Domzalski, President and Chief Executive Officer of VYNE. “This is an exciting time at VYNE as we announce positive clinical data from our Phase 1b trial evaluating VYN201 in patients with nonsegmental vitiligo. We expect the net proceeds from this financing will fund us through critical milestones, including the advancement of VYN201 into a Phase 2b clinical trial in vitiligo and Phase 1 trials for VYN202, our BD2-selective BET inhibitor.”

In the PIPE, VYNE is selling an aggregate of 10,652,543 shares of its common stock at a 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 will have an exercise price of $0.0001 per share of common stock and will be immediately exercisable and will remain exercisable until exercised in full. The PIPE was priced to satisfy the “Minimum Price” requirement of an “at the market” price as set forth in the Nasdaq listing rules. The PIPE is expected to close on November 1, 2023, subject to customary closing conditions.