CARLSBAD, Calif., Feb. 2, 2024
/PRNewswire/ -- Tyra Biosciences, Inc. (Nasdaq: TYRA), a
clinical-stage biotechnology company focused on developing
next-generation precision medicines that target large opportunities
in Fibroblast Growth Factor Receptor (FGFR) biology, announced
today that it has entered into a securities purchase agreement with
institutional and accredited investors to sell securities in a
private placement financing (the PIPE) for gross proceeds of
approximately $200 million.
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.
"We appreciate the support of RA Capital and our outstanding
group of current and new investors as we further our mission of
developing next-generation precision medicines that target FGFR
biology," said Todd Harris, CEO of
TYRA. "The additional funding strengthens our balance sheet at a
time of strong momentum. We are focused on developing TYRA-300, an
oral FGFR3-selective inhibitor, to become a best-in-class agent for
achondroplasia, NMIBC and metastatic urothelial carcinoma, while
advancing TYRA-200 and leveraging our SNÅP platform to discover new
drug candidates."
In the PIPE, TYRA is selling an aggregate of approximately 15.4
million shares of its common stock (or pre-funded warrants in lieu
thereof) at a price of $13.01 per
share (or $13.009 per pre-funded
warrant). 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,
2024, 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.
The securities described above have not been registered under
the Securities Act of 1933, as amended. Accordingly, these
securities may not be offered or sold in the United States, except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act. TYRA has
agreed to file a registration statement with the Securities and
Exchange Commission (SEC) registering the resale of the shares of
common stock and shares of common stock issuable upon the exercise
of the pre-funded warrants issued in this PIPE.
This press release shall not constitute an offer to sell or the
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 jurisdiction.
About Tyra Biosciences
Tyra Biosciences, Inc. (Nasdaq: TYRA) is a clinical-stage
biotechnology company focused on developing next-generation
precision medicines that target large opportunities in FGFR
biology. The Company's in-house precision medicine platform, SNÅP,
enables rapid and precise drug design through iterative molecular
SNÅPshots that help predict genetic alterations most likely to
cause acquired resistance to existing therapies. TYRA's initial
focus is on applying its accelerated small molecule drug discovery
engine to develop therapies in targeted oncology and genetically
defined conditions. TYRA is based in Carlsbad, CA.
For more information about our science, pipeline and people,
please visit https://tyra.bio/and engage with us on LinkedIn.
Forward Looking Statements
TYRA cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. The forward-looking statements are
based on our current beliefs and expectations and include, but are
not limited to: statements related to: the timing, size and
expectation of the closing of the PIPE; expectations regarding
market conditions, the satisfaction of customary closing conditions
related to the PIPE and the anticipated use of proceeds therefrom;
and the potential to discover and develop next-generation precision
medicines and develop a best-in-class agent. Such forward-looking
statements involve substantial risks and uncertainties that could
cause our actual results, performance or achievements to differ
significantly from those expressed or implied by the
forward-looking statements. The inclusion of forward-looking
statements should not be regarded as a representation by TYRA that
any of its plans will be achieved. Actual results may differ from
those set forth in this press release due to the risks and
uncertainties inherent in our business, including, without
limitation: the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed financing; we are early in our development
efforts and the approach we are taking to discover and develop
drugs based on our SNÅP platform is novel and unproven and it may
never lead to product candidates that are successful in clinical
development or approved products of commercial value; and other
risks described in our prior press releases and filings with the
SEC, including under the heading "Risk Factors" in our annual
report on Form 10-K and any subsequent filings with the SEC. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and we
undertake no obligation to update such statements to reflect events
that occur or circumstances that exist after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contact:
Amy Conrad
aconrad@tyra.bio
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SOURCE Tyra Biosciences