Why Vyne Therapeutics Stock Is Climbing
VYNE THERAPEUTICS INC
Vyne Therapeutics Inc. (NASDAQ:VYNE) shares are trading higher Monday after the company announced a private placement of $88 million and positive data from its Phase 1b trial.
In addition to the $88 million private placement, Vyne Therapeutics also announced new preclinical data showing the positive effect of its oral small molecule BD2-selective BET inhibitor, VYN202, in preclinical models of psoriasis and rheumatoid arthritis.
"We are proud to partner with leading fundamental healthcare investors in this transformative financing of our company to advance our InhiBET™ platform," said David Domzalski, CEO of Vyne Therapeutics.
"This is an exciting time at VYNE as we announce positive clinical data from our Phase 1b trial evaluating VYN201 in patients with nonsegmental vitiligo."
Domzalski also stated, "We expect the net proceeds from this financing will fund us through critical milestones, including the advancement of VYN201 into a Phase 2b clinical trial in vitiligo and Phase 1 trials for VYN202, our BD2-selective BET inhibitor."
Shares of VYNE are up on remarkably heavy trading volume following the annoucements. According to data from Benzinga Pro, more than 15 million shares have been traded in the session, compared to the stock's 100-day average of less than 16 thousand shares.
Related News: What's Going On With Block Inc Stock?
VYNE Price Action: According to Benzinga Pro, shares are up nearly 28% at $2.87 at the time of publication.
Image: Jeon Sang-O from Pixabay