Tyra Biosciences (TYRA) Announces $200M Private Placement

Tyra Biosciences, Inc. (Nasdaq: TYRA) 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.

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