VYNE Therapeutics sells 10.65M shares at $2.245 in private placement

VYNE Therapeutics announced that the Company has signed a securities purchase agreement with certain healthcare-focused institutional investors for a private placement financing 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, Soleus Capital, Palo Alto Investors LP, and other undisclosed investors. 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. LifeSci Capital LLC is acting as the exclusive placement agent for the PIPE.