CAMBRIDGE, Mass., Jan. 08, 2024 (GLOBE NEWSWIRE) -- 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 PI3K?-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 ...