Relay Therapeutics Announces $30 Million Private Placement Financing
08 Enero 2024 - 6:00AM
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.
About Relay Therapeutics
Relay Therapeutics is a clinical-stage precision medicine
company transforming the drug discovery process by combining
leading-edge computational and experimental technologies with the
goal of bringing life-changing therapies to patients. As the first
of a new breed of biotech created at the intersection of
complementary techniques and technologies, Relay Therapeutics aims
to push the boundaries of what’s possible in drug discovery. Its
Dynamo™ platform integrates an array of leading-edge computational
and experimental approaches designed to drug protein targets that
have previously been intractable or inadequately addressed. Relay
Therapeutics’ initial focus is on enhancing small molecule
therapeutic discovery in targeted oncology and genetic disease
indications. For more information, please visit www.relaytx.com or
follow us on Twitter.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including, without limitation, implied and
express statements regarding the clinical development, potential
therapeutic effects and anticipated clinical benefits of RLY-2608,
including potential efficacy and tolerability; whether initial
clinical results of RLY-2608 will be predictive of final results in
future clinical trials; Relay Therapeutics’ strategy, business
plans and focus; the progress and timing of updates on the clinical
development of and enrollment for the programs across Relay
Therapeutics’ portfolio; the expected timing for the closing of the
private placement and the anticipated use of proceeds from the
private placement. The words “may,” “might,” “will,” “could,”
“would,” “should,” “plan,” “anticipate,” “intend,” “believe,”
“expect,” “estimate,” “seek,” “predict,” “future,” “project,”
“potential,” “continue,” “target” and similar words or expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Any forward-looking statements, such as the intended offering
terms, in this press release are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and important factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, uncertainties related to market
conditions and the completion of the private placement on the
anticipated terms or at all, risks associated with: the impact of
global economic uncertainty, geopolitical instability and
conflicts, or public health epidemics or outbreaks of an infectious
disease on countries or regions in which Relay Therapeutics has
operations or does business, as well as on the timing and
anticipated results of its clinical trials, strategy, future
operations and profitability; the delay or pause of any current or
planned clinical trials or the development of Relay Therapeutics’
drug candidates; the risk that the preliminary results of its
preclinical or clinical trials may not be predictive of future or
final results in connection with future clinical trials of its
product candidates; Relay Therapeutics’ ability to successfully
demonstrate the safety and efficacy of its drug candidates; the
timing and outcome of its planned interactions with regulatory
authorities; and obtaining, maintaining and protecting its
intellectual property. These and other risks and uncertainties are
described in greater detail in the section entitled “Risk Factors”
in Relay Therapeutics’ most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, as well as any subsequent filings
with the Securities and Exchange Commission. In addition, any
forward-looking statements represent Relay Therapeutics' views only
as of today and should not be relied upon as representing its views
as of any subsequent date. Relay Therapeutics explicitly disclaims
any obligation to update any forward-looking statements. No
representations or warranties (expressed or implied) are made about
the accuracy of any such forward-looking statements.
Contact:Megan Goulart617-545-5526
mgoulart@relaytx.com
Media:Dan
Budwick1AB973-271-6085dan@1abmedia.com
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