VYNE Therapeutics Inc (NASDAQ: VYNE) has recently released new preclinical data that demonstrate the positive effect of its VYN202 in preclinical models of psoriasis and rheumatoid arthritis. This development signifies a significant step forward for the company in its clinical development journey.
The data released by VYNE Therapeutics highlights the potential therapeutic benefits of VYN202 for individuals with vitiligo specifically. The findings indicate that VYN202 has shown favorable safety and tolerance records, positioning it as a sought-after treatment option for patients with vitiligo.
HC Wainwright, a leading financial analyst firm, has expressed its encouragement regarding these recent developments. Analysts Joseph Pantginis, Matthew Keller, and Sara Nik view these results as a significant turning point for VYNE Therapeutics, emphasizing the therapeutic advantages of VYN201 for individuals with vitiligo.
These positive outcomes have led HC Wainwright to maintain a Buy rating on VYNE Therapeutics’ stock. However, they have adjusted the price target to $5.75 from $28 due to factors such as an increase in the projected chance of success for VYN201 in vitiligo to 15% from 5% and a dilution in the fully diluted share count resulting from the equity and warrant raise.
VYNE Therapeutics also announced private placement financing of $88 million, fueling further growth and development for the company.
In terms of VYNE Therapeutics’ timeline, the company expects to submit its Investigational New Drug (IND) application for VYN202 by the end of 2023. Following that, they plan to initiate a Phase 1a single ascending dose/multiple ascending dose trial in the first quarter of 2024. If the trials yield positive results, VYNE Therapeutics aims to commence Phase 1b trials for moderate-to-severe plaque psoriasis and moderate-to-severe adult-onset rheumatoid arthritis in the second half of 2024.
As of the last check on Monday, VYNE shares were up 25.40%, currently trading at $2.81.