Ventyx Biosciences (VTYX) Prices 11.17M Share Offering at $8.95/sh

Ventyx Biosciences, Inc. (Nasdaq: VTYX) announced today that it has entered into a stock purchase agreement for the sale of 11,174,000 shares of its common stock at an offering price of $8.95 per share in a private placement to certain qualified institutional buyers and institutional accredited investors. Gross proceeds of the private placement are expected to be approximately $100 million, before deducting placement agent fees and other expenses. The private placement is expected to close on March 11, 2024, subject to the satisfaction of customary closing conditions.

The private placement was led by funds affiliated with Farallon Capital Management, L.L.C., with participation by Cormorant Asset Management, an affiliate of Deerfield Management Company, Redmile Group, Surveyor Capital (a Citadel company), and other investors.

Ventyx currently intends to use the net proceeds from the proposed private placement, together with existing cash and cash equivalents, to fund the clinical development of VTX3232, VTX2735, VTX002, and the preclinical development of other programs, research activities and working capital and other general corporate purposes. With the proceeds from the private placement, Ventyx expects to extend its cash runway into at least the second half of 2026. This cash estimate is a preliminary estimate and is based on information available to management as of the date of this private placement, and these estimates could change.

Jefferies, Piper Sandler and LifeSci Capital are acting as the placement agents for the private placement.

The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any states' securities laws, 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 of the Securities Act. Ventyx has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or 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 jurisdiction.

You May Also Be Interested In

• Yarrow Bioscience prices $150M public offering at $26 per share
• Redwood Trust prices $185M convertible notes due 2030
• Thomson Reuters prices $1.3B U.S. notes and C$1B Canadian notes