Tyra Biosciences, a preclinical biotech developing FGFR kinase inhibitors for solid tumors, raised $173 million by offering 10.8 million shares at $16, the high end of the range of $14 to $16. The company offered 1.8 million more shares than anticipated. It originally planned to offer 6.7 million shares before increasing the offering to 9 million shares on Tuesday.
Tyra Biosciences is a precision oncology company focused on developing purpose-built therapies for tumor resistance. The company is using its proprietary SNÅP platform to generate next-generation candidates that are specifically designed to address acquired drug resistance and provide alternative treatment options. It is initially focused on developing a pipeline of selective inhibitors of the Fibroblast Growth Factor Receptor (FGFR) family. Its lead candidate, TYRA-300, is designed to selectively inhibit FGFR3, with an initial focus on patients with bladder cancer. Tyra anticipates filing an IND for TYRA-300 in mid-2022.
Tyra Biosciences plans to list on the Nasdaq under the symbol TYRA. BofA Securities, Jefferies, and Cowen acted as joint bookrunners on the deal.
