Tyra Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Tyra Biosciences, Inc. (Nasdaq: TYRA) has priced its upsized initial public offering of 10,800,000 shares at $16.00 per share, aiming to raise gross proceeds of $172.8 million. The shares are set to trade on the Nasdaq Global Select Market starting September 15, 2021, with the offering expected to close on September 17, 2021. A 30-day option has been granted to underwriters for an additional 1,620,000 shares. Tyra specializes in precision oncology and is focused on therapies targeting tumor resistance, particularly through its lead product candidate, TYRA-300, for bladder cancer.

Positive

• Initial public offering of 10,800,000 shares at $16.00 per share expected to raise $172.8 million.
• Company specializes in precision oncology, addressing tumor resistance with proprietary SNÅP platform.

Negative

• Potential dilution of shares for existing shareholders if underwriters exercise their option for additional 1,620,000 shares.

CARLSBAD, Calif., Sept. 14, 2021 /PRNewswire/ -- Tyra Biosciences, Inc. (Nasdaq: TYRA), a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer, today announced the pricing of its upsized initial public offering of 10,800,000 shares of common stock at an initial public offering price of $16.00 per share. All of the shares are being offered by Tyra. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Tyra, are expected to be $172.8 million. The shares are expected to begin trading on the Nasdaq Global Select Market on September 15, 2021 under the ticker symbol "TYRA." The offering is expected to close on September 17, 2021, subject to the satisfaction of customary closing conditions. In addition, Tyra has granted the underwriters a 30-day option to purchase up to an additional 1,620,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

BofA Securities, Jefferies and Cowen are acting as joint book-running managers for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on September 14, 2021. The offering will be made only by means of a prospectus. When available, copies of the final prospectus may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at Prospectus_Department@Jefferies.com or by telephone at 877-821-7388; or from Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Tyra

Tyra Biosciences, Inc. is a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer. Tyra is using its proprietary SNÅP platform, which is optimized to enable rapid and precise refinement of structural design through iterative molecular SNÅPshots, in order to generate next-generation product candidates that are specifically designed to address acquired drug resistance and provide alternative treatment options. Tyra is initially focused on developing a pipeline of selective inhibitors of the Fibroblast Growth Factor Receptor, or FGFR, family, which are altered in approximately 7% of all cancers. Tyra's lead product candidate, TYRA-300, is designed to selectively inhibit FGFR3, with an initial focus on patients with bladder cancer.

Contact:

Amy Conrad
Aconrad@tyra.bio

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SOURCE Tyra Biosciences, Inc.

FAQ

What is the pricing of Tyra Biosciences' initial public offering?

Tyra Biosciences has priced its initial public offering at $16.00 per share for 10,800,000 shares.

When will Tyra Biosciences start trading on Nasdaq?

Tyra Biosciences shares are expected to begin trading on Nasdaq on September 15, 2021.

What are the expected proceeds from Tyra Biosciences' IPO?

The gross proceeds from the IPO are expected to be $172.8 million before deducting underwriting discounts.

Does Tyra Biosciences have any plans for future share offerings?

Yes, Tyra has granted underwriters a 30-day option to purchase an additional 1,620,000 shares at the IPO price.

What is Tyra Biosciences focusing on in its drug development?

The company focuses on developing therapies to overcome tumor resistance, particularly through its lead candidate TYRA-300 for bladder cancer.