Mineralys raises $120 million in private placement

USA-based clinical-stage biotech Mineralys Therapeutics (Nasdaq: MLYS) has entered into a securities purchase agreement with institutional accredited investors to sell securities in a private placement financing (the PIPE) for gross proceeds of about $120 million, before deducting estimated fees and expenses.

Just a year ago, Mineralys, which is focused on developing medicines to target hypertension, chronic kidney disease (CKD) and other diseases driven by abnormally elevated aldosterone, completed its initial public offering (IPO), placing 12 million new shares at a price of $16.00 per share, raising $192 million in new capital.

The latest financing was led by new investor TCGX and existing investor RA Capital Management, with participation from new investors OrbiMed and Venrock Healthcare Capital Partners, along with several existing investors including Samsara BioCapital and a large investment management firm.