Tenaya Therapeutics Prices Public Offering At $0.70/Unit
(RTTNews) - South San Francisco, California-based Tenaya Therapeutics, Inc. (TNYA), a clinical-stage biotechnology company, has priced its underwritten public offering of 75 million units at $0.70 per unit for gross proceeds of approximately $52.5 million.
Each unit consists of one share of common stock, a Series A Warrant to purchase one share of common stock at $0.80 per share, and a Series B Warrant to purchase half a share of common stock at $0.70 per share.
The offering is expected to close on March 5, 2025.
Tenaya Therapeutics intends to use the proceeds to fund the ongoing development of its clinical and early-stage product candidates, particularly TN-201 and TN-401, along with working capital and other corporate purposes.
Pipeline and Near-term Catalysts:
Tenaya's lead gene therapy candidates are TN-201, targeting MYBPC3-associated hypertrophic cardiomyopathy or HCM, and TN-401, targeting PKP2-associated arrhythmogenic right ventricular cardiomyopathy or ARVC.
-- TN-201 is under a Phase 1b/2 clinical trial as a potential treatment of MYBPC3-associated HCM, dubbed MyPEAK-1.
The company anticipates reporting additional data from Cohort 1 of the MyPEAK-1 trial in the first half of this year.
-- TN-401 is under a Phase 1b clinical trial as a potential treatment for PKP2-Associated Arrhythmogenic Right Ventricular Cardiomyopathy, dubbed RIDGE-1.
Enrollment of Cohort 1 of the RIDGE-1 trial is expected to be completed in the first half of 2025, with initial data anticipated in the second half of this year.
The company also has several programs in preclinical development.
TNYA closed Monday's (Mar.03 2025) trading at $0.94 down by 6.24 percent. In premarket trading Tuesday the stock is down by 25.02 percent at $0.71 on the Nasdaq.
