SAN DIEGO - Ventyx Biosciences, Inc. (NASDAQ:VTYX), a biopharmaceutical company specializing in the development of oral therapies for inflammatory diseases, announced a private placement agreement for the sale of 11,174,000 shares of its common stock. The shares are priced at $8.95 each, aiming to raise approximately $100 million before deducting fees and expenses. The transaction is set to close on March 11, 2024, contingent upon customary closing conditions.
Leading the private placement is Farallon Capital Management, L.L.C., with additional investments from Cormorant Asset Management, Redmile Group, Surveyor Capital, and others. Ventyx intends to allocate the net proceeds to advance the clinical development of its drug candidates VTX3232, VTX2735, VTX002, and to support preclinical programs, research activities, working capital, and other corporate needs.
The company anticipates this funding will extend its cash runway into the latter half of 2026, although this estimate is preliminary and subject to change.
Jefferies, Piper Sandler, and LifeSci Capital are serving as placement agents for this private placement. The securities offered have not been registered under the Securities Act of 1933 and are therefore restricted to qualified institutional buyers and institutional accredited investors in the U.S. Ventyx has committed to filing a registration statement with the Securities and Exchange Commission (SEC) for the resale of the shares issued in this transaction.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will any sale of these securities occur in states or jurisdictions where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Ventyx Biosciences is engaged in creating novel oral medications for autoimmune and inflammatory disorders, aiming to transition immunology markets from injectable to oral drugs. The company's pipeline includes drugs targeting NLRP3, S1P1R, and TYK2, with aspirations to become a leader in oral immunology therapies.
The information in this article is based on a press release statement from Ventyx Biosciences.
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