VYNE Therapeutics announces third-quarter financial results, business updates

Key takeaways:

• VYNE Therapeutics received $88.2 million in gross proceeds after completing a private placement.
• The company expects to advance VYN201 into a longer duration phase 2b trial in the first half of 2024.

VYNE Therapeutics has announced its third-quarter 2023 financial results and business updates, according to a company press release.

The third-quarter revenue totaled $0.1 million vs. $0.2 million for the same quarter last year. The net loss and net loss per share for the quarter was $6.6 million and $2.01, respectively, compared with $9.5 million and $2.94 for the comparable period last year.

The company also announced it has completed an $88.2 million private placement with leading health care investors. According to the press release, the net proceeds from the offering will be used to fund the advancement of the VYN201 phase 2b trial for vitiligo, as well as phase 1 trials for VYN202. The VYN202 program is expected to focus on moderate to severe plaque psoriasis and adult-onset rheumatoid arthritis for its lead indications.

“We have made substantial progress in advancing our business in recent months,” David Domzalski, president and CEO of VYNE, said in the release. “With positive results from our phase 1b trial, we believe there is strong support to advance VYN201 as a potential category-leading therapy in the treatment of vitiligo.”