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Jon Congleton, Chief Executive Officer of Mineralys Therapeutics , Inc. (NASDAQ:MLYS), recently sold 15,319 shares of the company’s common stock. The shares were sold at a weighted-average price of $12.1942, with transaction prices ranging from $12.0200 to $12.4087, resulting in a total sale value of approximately $186,802. Following this transaction, Congleton retains ownership of 862,289 shares. This sale was conducted under a Rule 10b5-1 trading plan adopted on January 30, 2024. The company maintains a strong liquidity position with a current ratio of 14.02, though InvestingPro data indicates rapid cash burn - one of 8+ key insights available to subscribers through detailed Pro Research Reports.
In other recent news, Mineralys Therapeutics, Inc. has been actively advancing its clinical developments and financial strategies. The company recently announced the pricing of a public offering at $13.50 per share, aiming to raise approximately $175 million, with an option for underwriters to purchase additional shares. This follows another announcement of a $250 million public offering to support the clinical development of lorundrostat, their lead drug candidate. Mineralys plans to use the proceeds for research and development, manufacturing, and pre-commercialization activities.
The company also presented positive outcomes from its clinical trials for lorundrostat, an investigational treatment for hypertension. The Phase 3 Launch-HTN trial achieved its primary endpoint, demonstrating significant reductions in systolic blood pressure. Stifel analysts maintained a Buy rating for Mineralys with a $45 target, while Goldman Sachs reaffirmed a Buy rating with a $24 target, both reflecting confidence in the company’s clinical progress.
Additionally, Mineralys is set to present data from its Phase 2 Advance-HTN trial at the upcoming ACC (NSE:ACC).25, which examines lorundrostat’s efficacy and safety. The trial showed promising results, including a significant reduction in blood pressure and a favorable safety profile. These developments highlight Mineralys’s ongoing efforts to address hypertension and related conditions through innovative treatments.
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