Polaryx Therapeutics raises $10 million to fund phase 2 trial

Polaryx Therapeutics Inc. (NASDAQ: PLYX) closed a $10 million private investment in public equity financing on May 28, 2026, the clinical-stage biotechnology company announced.

The financing consisted of 2,502,696 shares of common stock sold at an average price of approximately $4.00 per share. Polaryx develops therapies for rare pediatric lysosomal storage disorders.

The company plans to use the proceeds along with existing cash to fund the initiation of its Phase 2 SOTERIA trial, which will evaluate PLX-200 across multiple lysosomal storage disorder indications. The funds will also support continued research and development of product candidates and general corporate purposes.

"This financing provides us with the runway to launch and reach key anticipated clinical milestones within the SOTERIA basket trial," said Alex Yang, chief executive officer. "This financing is expected to extend the Company's operating runway through the second quarter of 2027."

The SOTERIA trial is an open-label, single-arm Phase 2 study designed to assess the safety, tolerability and clinical activity of PLX-200 in CLN2, CLN3, Krabbe disease and Sandhoff disease. Polaryx received a safe-to-proceed letter from the Food and Drug Administration in October 2025 and plans to initiate the trial in the second half of 2026 at sites in the United States, Europe and Asia.

The company has received Fast Track Designation from the FDA for all four planned indications in the trial. Chief Medical Officer Lisa L. Bollinger said clinical development work with the company's contract research organization is already underway.

The securities sold in the private placement were not registered under the Securities Act of 1933 and may not be resold except pursuant to an effective registration statement or applicable exemption.

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