Tyra Biosciences announces $200M private placement

Tyra Biosciences announced that it has entered into a securities purchase agreement with institutional and accredited investors to sell securities in a private placement financing for gross proceeds of approximately $200M. The financing was led by RA Capital Management, with participation by new and existing institutional investors, including Boxer Capital, BVF Partners, Nextech Invest Ltd (on behalf of one or more funds managed by it), OrbiMed, 5AM Ventures, a large investment management firm and a life-sciences focused institutional investor. In the PIPE, TYRA is selling an aggregate of approximately 15.4M shares of its common stock at a price of $13.01 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 6, subject to customary closing conditions. The financing was priced at-the-market under Nasdaq rules. TYRA intends to use the net proceeds from the PIPE to advance the clinical development of TYRA-300 and TYRA-200, to advance its preclinical programs, and for drug discovery, working capital and general corporate purposes.