BRIDGEWATER, N.J., Jan. 29, 2021 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) today announced that it has closed its previously announced registered direct offering of an aggregate of 21,097,046 shares of common stock at a purchase price of $2.37 per share.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
After deducting placement agent’s fees, advisory fees and other offering expenses payable by VYNE, VYNE received net proceeds of approximately $46.7 million. VYNE intends to use the net proceeds from the offering for working capital and general corporate purposes.
In addition to the proceeds raised in the registered direct offering, the Company raised an additional $34.3 million of net proceeds from sales of common stock through the Company’s existing “at-the-market” program over the last three months and prior to the commencement of the registered direct offering. With the combined net proceeds of $81.0 million received from the registered direct offering and the “at-the-market” offerings, in addition to the Company’s existing cash and investments as of December 31, 2020 and projected cash flows from revenues, the Company expects to have sufficient cash to fund its operating expense and capital requirements through the end of 2022. Accordingly, the Company has terminated its “at-the-market” program.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About VYNE Therapeutics Inc.
VYNE’s mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies in dermatology and beyond.
With expertise in topical medicine innovation as a springboard, VYNE is working to develop and commercialize a variety of solutions using its proprietary Molecule Stabilizing Technology (MST™), and has received FDA approval for AMZEEQ® (minocycline) topical foam, 4%, the world’s first topical minocycline, and for ZILXI® (minocycline) topical foam, 1.5%, the first minocycline product of any kind to be approved by the FDA for use in rosacea. For more information about our approved products, please see AMZEEQ’s Full Prescribing Information at AMZEEQ.com and ZILXI’s Full Prescribing Information at ZILXI.com.
For more information about VYNE Therapeutics Inc. or its investigational products, visit www.vynetherapeutics.com or follow VYNE on Twitter. VYNE may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor VYNE’s website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission, public conference calls, and webcasts.
