Mineralys Therapeutics Raises $175 Million Through Public Offering

Mineralys Therapeutics has launched a public offering of 12.9 million shares priced at $13.50 each, raising approximately $175 million to support clinical development.

Overview of the Offering

Mineralys Therapeutics, Inc., a biopharmaceutical firm specializing in treatments for hypertension and related conditions, has priced an underwritten public offering of 12,962,962 shares of its common stock at $13.50 per share. The total expected proceeds are about $175 million. The offering includes a 30-day option for underwriters to acquire an additional 1,944,444 shares. Funds raised will primarily advance the clinical development of lorundrostat, alongside covering other corporate expenses. The transaction is anticipated to close around March 13, 2025, pending usual requirements. The securities are offered under a shelf registration statement filed with the SEC, with various financial institutions facilitating the transaction.

Benefits of the Offering

• The public offering successfully raises about $175 million, providing critical funding for Mineralys’ clinical trials.
• Strong investor interest demonstrates confidence in Mineralys and its lead candidate, lorundrostat.
• Funds will enhance research, development, manufacturing, and pre-commercialization efforts, positioning the company for growth.
• The involvement of reputable financial institutions as joint book-running managers bolsters the company’s market credibility.

Concerns Surrounding the Offering

• The decision to pursue a public offering may signal potential cash flow constraints or financial instability, raising concerns among investors.
• Existing shareholders may worry about dilution of their holdings and the overall impact on investment value.
• Heavy reliance on forward-looking statements underscores the uncertainties facing the company’s future performance and clinical success.

Frequently Asked Questions

What is the public offering price for Mineralys shares?

The public offering price for Mineralys shares is fixed at $13.50 per share.

How many shares is Mineralys offering in this public offering?

Mineralys is offering 12,962,962 shares of its common stock in this public offering.

What will Mineralys do with the proceeds from the offering?

The proceeds will be used to support the clinical development of lorundrostat, including manufacturing, and to meet working capital needs.

Who are the managers of the Mineralys public offering?

The joint managers of the offering are BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities.

When is the expected closing date for the public offering?

The offering is projected to close on or about March 13, 2025, pending standard conditions.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model summarizing this release may contain errors. See the full release here.

Insider Trading Activity of $MLYS

Insiders at $MLYS have executed trades on the open market 7 times in the past 6 months. All these were sales, with no purchased shares reported.

Below is a summary of recent trades by insiders over the last 6 months:

• DAVID MALCOM RODMAN (Chief Medical Officer): 0 purchases, 2 sales of 30,508 shares for an estimated $458,463.
• JON CONGLETON (Chief Executive Officer): 0 purchases, 2 sales of 33,604 shares for an estimated $372,515.
• ADAM SCOTT LEVY (CFO and Secretary): 0 purchases, 3 sales of 21,514 shares for an estimated $243,867.

For more information on insider transactions, refer to Quiver Quantitative’s trading dashboard.

Hedge Fund Activity for $MLYS

In the last quarter, 59 institutional investors increased their stakes in $MLYS shares, while 36 investors reduced their positions.

Notable recent changes include:

• MILLENNIUM MANAGEMENT LLC added 1,002,941 shares (+1015.8%) in Q4 2024, for an estimated $12,346,203.
• OCTAGON CAPITAL ADVISORS LP removed 600,000 shares (-100.0%) in Q4 2024, for an estimated $7,386,000.
• INTEGRAL HEALTH ASSET MANAGEMENT, LLC added 519,000 shares (+145.8%) in Q4 2024, worth approximately $6,388,890.
• JPMORGAN CHASE & CO added 482,174 shares (+2251.5%) in Q4 2024, valued at $5,935,561.
• ADAMS STREET PARTNERS LLC decreased their holdings by 402,847 shares (-26.3%) in Q4 2024, estimated at $4,959,046.
• STEMPOINT CAPITAL LP added 400,101 shares, with an estimated value of $4,925,243.
• ORBIMED ADVISORS LLC reduced its position by 391,302 shares (-19.5%), valued at $4,816,927.

To monitor hedge fund activity in $MLYS, check out Quiver Quantitative’s institutional holdings dashboard.

Full Release

RADNOR, Pa., March 11, 2025 (GLOBE NEWSWIRE) — Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing treatments for hypertension, chronic kidney disease (CKD), and obstructive sleep apnea (OSA), announced the pricing of an underwritten public offering of 12,962,962 shares of its common stock at a public offering price of $13.50 per share. The total gross proceeds, before underwriting discounts and commissions and other related expenses, are expected to be approximately $175 million. Additionally, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,944,444 shares of the common stock. All securities in this offering will be sold by Mineralys, which anticipates closing on or about March 13, 2025, subject to customary conditions.

BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Stifel, and Wells Fargo Securities are serving as joint book-running managers for the offering. LifeSci Capital acts as the lead manager, and H.C. Wainwright & Co. serves as a co-manager.

Mineralys plans to use the net proceeds from this offering to finance the clinical development of lorundrostat, including related research and manufacturing, as well as for working capital and general corporate purposes.

The securities discussed above are…

Mineralys Announces Public Offering of Common Stock

Offering Details

Mineralys Therapeutics has initiated a public offering of its common stock, in accordance with a shelf registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement, along with the accompanying prospectus, has been filed, and a final prospectus supplement will follow shortly.

When available, interested parties can obtain copies of the final prospectus supplement and accompanying prospectus from the following financial institutions:

• BofA Securities: NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, or via email at [email protected]
• Evercore Group L.L.C.: Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055; phone: (888) 474-0200, email: [email protected]
• Goldman Sachs & Co. LLC: Attention: Prospectus Department, 200 West Street, New York, NY 10282; phone: (866) 471-2526, fax: 212-902-9316, email: [email protected]
• Stifel, Nicolaus & Company, Incorporated: Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104; phone: (415) 364-2720, email: [email protected]
• Wells Fargo Securities, LLC: Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402; phone: 1-800-645-3751, email: [email protected]

Additionally, electronic copies of the preliminary prospectus supplement and accompanying prospectus will be available on the SEC’s website at http://www.sec.gov.

Legal Disclaimer

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities. It also does not permit any sale of these securities in jurisdictions where such activities would be unlawful prior to registration or qualification under the securities laws of those jurisdictions.

About Mineralys

Mineralys Therapeutics is a clinical-stage biopharmaceutical company dedicated to creating treatments for hypertension, chronic kidney disease (CKD), obstructive sleep apnea (OSA), and other conditions related to dysregulated aldosterone. The company’s lead product, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor targeting cardiorenal conditions impacted by dysregulated aldosterone levels. Mineralys operates from Radnor, Pennsylvania, and was founded by Catalys Pacific.

Forward-Looking Statements

Statements in this press release that are not historical facts are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements may include expectations regarding the successful completion of the public offering and the anticipated use of proceeds. However, they are subject to risks and uncertainties, meaning actual results could differ materially. Factors such as market conditions and satisfaction of customary closing conditions associated with the public offering may influence outcomes. Mineralys does not undertake any obligation to update these statements following the date they were made, except as required by law.

CONTACTS

Investor Relations
Email: [email protected]

Media Relations
Contact: Tom Weible
Elixir Health Public Relations
Phone: (1) 515-707-9678
Email: [email protected]

This article was originally published on Quiver News; read the full story.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.