Relay Therapeutics (RLAY) Announces 2.5M Share Placement at $12/sh

Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies, today announced that it has entered into a securities purchase agreement for a private placement financing (the “PIPE”) with Nextech to sell an aggregate of 2.5 million shares of common stock at a price per share of $12.00, a premium to the closing price on January 5, 2024, that is expected to result in gross proceeds of $30.0 million.

“We appreciate Nextech’s support in helping us continue to advance programs across our portfolio,” said Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics. “We are particularly focused on rapidly expanding RLY-2608 development to realize the potential opportunity to bring it to all patients with PI3Kα-mutated, HR+, HER2- breast cancer. Additionally, we are excited to disclose at least one new innovative program from our Dynamo platform later this year.”

“Our assessment of RLY-2608’s evolving clinical profile and the recent data presented at the San Antonio Breast Cancer Symposium in the HR+, HER2- breast cancer landscape give us a high degree of confidence in RLY-2608,” said Kanishka Pothula, Managing Partner of Nextech. “We believe that the combination of strong clinical execution and a productive platform position Relay very well for continued success going forward, and we look forward to continuing to support their efforts.”

The PIPE is expected to close by January 10, 2024, subject to customary closing conditions.

Relay Therapeutics expects to use net proceeds from the private placement to advance RLY-2608 towards registrational trial(s), to advance its preclinical pipeline of innovative programs, and for working capital and other general corporate purposes.

The securities sold in this PIPE are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended, and 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. Pursuant to the securities purchase agreement, the Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the securities sold in the PIPE.

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. Any offering of the common stock described above under the resale registration statement will only be by means of a prospectus.

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