Mineralys Therapeutics to sell 8.9M shares at $13.50 in private placement

Mineralys Therapeutics announced that it has entered into a securities purchase agreement with institutional accredited investors to sell securities in a private placement financing 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 at a price of $13.50 per share. 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.