Polaryx Therapeutics Closes $10M PIPE for SOTERIA Trial

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Polaryx Therapeutics Closes $10 Million Private Placement to Advance SOTERIA Trial

Paramus, New Jersey - Polaryx Therapeutics, Inc. (Nasdaq: PLYX), a clinical-stage biotechnology company focused on lysosomal storage disorders (LSDs), has successfully closed a private investment in public equity (PIPE) financing, securing $10 million in proceeds. This funding is intended to bolster the company's financial position as it moves toward critical clinical development milestones.

The PIPE financing consisted of the issuance of 2,502,696 shares of common stock at an average purchase price of approximately $4.00 per share. The company stated that these funds, alongside existing cash and cash equivalents, will support the initiation of the Phase 2 SOTERIA trial.

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About Polaryx Therapeutics, Inc.

We are a clinical-stage biotechnology company committed to the discovery, development, and commercialization of novel, disease-modifying therapies for rare, pediatric lysosomal storage disorders (“LSDs”). Our therapeutic philosophy is centered on delivering safe, effective, and patient-friendly treatments that address the underlying pathophysiology of these catastrophic diseases and their significant unmet need. Our multi-modal approach integrates small molecule therapies, including a combination therapy, and a gene therapy, positioning us to potentially address both the genetic and downstream pathological features of LSDs. Our small molecule drug candidates share target indications, as well as similar modes of action, that have been demonstrated to address lysosomal dysfunction, neuroinflammation, and neuronal loss in our validated animal models that closely mimic human clinical phenotypes. Our most advanced product candidate, PLX-200, targets several LSDs and we intend to launch a Phase 2 proof-of-concept basket trial which may enhance PLX-200’s potential to become the standard of care across multiple LSDs.

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