VYNE - VYNE Therapeutics closes capital raise of $50M

VYNE Therapeutics ([[VYNE]] +3.6%) has closed its previously announced registered direct offering of 21.1M shares at $2.37/share, with net proceeds of $46.7M that will be used for working capital and general corporate purposes.Also, the Company raised an additional $34.3M of net proceeds from sales of common stock through the Company’s existing “at-the-market” program over the last three months and prior to the direct offering.With the combined net proceeds of $81M received from the registered direct offering and the “at-the-market” offerings, in addition to the Company’s existing cash and investments as of December 31, 2020 and projected cash flows from revenues, the Company expects to have sufficient cash to fund its operating expense and capital requirements through the end of 2022.Accordingly, the Company has terminated its “at-the-market” program.

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VYNE Therapeutics closes capital raise of $50M