Ventyx Biosciences, Inc. (Nasdaq: VTYX) (“Ventyx”), a clinical-stage biopharmaceutical company focused on advancing novel oral therapies that address a range of inflammatory diseases with significant unmet medical need, announced today that it has entered into a stock purchase agreement for the sale of 5,350,000 shares of its common stock at an offering price of $33.00 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 $176.6 million, before deducting placement agent fees and other expenses. The private placement is expected to close on September 20, 2022, subject to the satisfaction of customary closing conditions. The private placement was led by Redmile Group, with participation by Boxer Capital, Braidwell LP, EcoR1 Capital, Vivo Capital, Great Point Partners, LLC, Adage Capital Management, Logos Capital, Maven Investment Partners US, Driehaus Capital Management, Acuta Capital Partners, CaaS Capital Management, Woodline Partners LP, Walleye Capital and other investors, including two large mutual funds.
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 VTX958, VTX002, VTX2735 and VTX3232, 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 2025. 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.
Ventyx Shares Surge 59% After Bristol Myers Drug Approved Without Black-Box Warning 1:33 pm ET September 12, 2022 (Dow Jones) Print By Josh Beckerman
Ventyx Biosciences Inc. shares rose 59% to $36.80 after analysts mentioned favorable signs related to the approval of Bristol Myers Squibb Co.'s psoriasis drug Sotyktu.
Stifel, Evercore ISI and Oppenheimer analysts noted that the U.S. Food and Drug Administration approval of the TYK2 inhibitor didn't include a black-box warning.
Jeff Jones and Leland Gershell at Oppenheimer wrote that "we see this as a significant win for deucravacinitib, VTYX and other TYK2 developers, substantially differentiating the TYK2 inhibitors from the JAK 1-3 inhibitors."
We are a clinical-stage biopharmaceutical company focused on advancing new therapies for millions of patients living with inflammatory diseases and autoimmune disorders.
Our clinical stage pipeline includes VTX958, a Phase 1 allosteric TYK2 inhibitor for the treatment of a broad range of autoimmune diseases, VTX002, a Phase 2-ready S1P1 receptor modulator for the treatment of ulcerative colitis, and VTX2735, a Phase 1-ready peripheral inhibitor of the NLRP3 inflammasome, which is a mediator of multiple inflammatory conditions.