aibioPolaryx closes $10 million private placement with about 35 investors
Tickers PLYX
Prices ran from $3.70 to $4.10 a share depending on commitment size. MStone Partners, the largest holder, bought $360,000 of stock.
Key facts
- Company
- Polaryx Therapeutics, Inc. (NASDAQ: PLYX)
- News type
- Financings
- Primary source
- PLYX 8-K
Polaryx Therapeutics, Inc. (Nasdaq: PLYX) signed a securities purchase agreement on May 27, 2026 with about 35 investors, including existing investors, for a private placement of 2,502,696 common shares. The company said the shares represent about 5.3% of its outstanding shares immediately before the placement, and that the gross proceeds are $10 million. The placement closed on May 28, 2026, and the company issued a press release that day.
The company's Form 8-K names no placement agent, underwriter, financial advisor or counsel for the placement, and the filing does not say whether any was paid. The shares were issued without registration under Section 4(a)(2) of the Securities Act and/or Regulation S. The shares carry a legend barring resale in the United States without registration or an exemption.
Pricing by commitment size
The price depended on each buyer's commitment. It started at $3.70 per share for a $2.2 million investment and rose in steps to $4.10 as the committed amount fell in $50,000 increments. The company said the weighted average price for all sales was about $4.00 per share.
That structure means the largest buyers paid the lowest prices.
MStone and the CEO
MStone Partners Healthcare Limited, the company's largest stockholder, bought 88,453 shares for $360,000 in the placement. A Form 4 filed by chief executive Alex Keun Mo Yang reports the purchase at $4.07 per share, held indirectly through MStone. The form lists Yang as a director, a 10% owner and the chief executive. It identifies him as the founder and chief executive of MStone, and says he disclaims beneficial ownership except to the extent of his pecuniary interest. After the purchase, the Form 4 reports 24,233,249 shares held indirectly through MStone.
The 8-K gives the MStone purchase as 88,453 shares for $360,000, while the Form 4 gives $4.07 as the per-share price. The Form 4 is the only filing in these sources that ties the CEO to the purchase.
Use of proceeds
The company said it expects to use the net proceeds to fund SOTERIA, a Phase 2 proof-of-concept basket trial of PLX-200, and for working capital and general corporate purposes. The company's annual report, filed March 24, 2026, describes SOTERIA as an open-label, multi-indication master study. It would enroll patients with Classic Late Infantile Neuronal Ceroid Lipofuscinosis (CLN2), Juvenile Neuronal Ceroid Lipofuscinosis (CLN3), Krabbe disease and Sandhoff disease. The company expects to start the trial in the second half of 2026.
The annual report says the company submitted an IND for SOTERIA in August 2025 and received a safe-to-proceed letter in October 2025. PLX-200 is gemfibrozil, a repurposed and reformulated oral drug that the company is pursuing through the 505(b)(2) pathway.
The company's own record also shows a slower path. The annual report says the FDA authorized two INDs in January and April 2020 to start potentially single pivotal trials in CLN2 and CLN3, but initiation was delayed by COVID-19 and a later shift in strategy. It says the company does not expect to start them in the near term while it focuses on SOTERIA.
What the company claims
The annual report says data from SOTERIA are expected to "provide guidance and a clear pathway" for each of the four indications. It also says the company believes there may be an opportunity to seek accelerated approval for CLN2 and CLN3. Those are the company's expectations. The trial is open-label and has no control arm described in these sources, so its results would not by themselves show how much of any effect came from the drug.
Shares outstanding
The quarterly report's cover page states that Polaryx had 49,845,993 shares outstanding on July 31, 2026, a later figure than this placement. The filings do not report the company's cash balance at the time of the placement, so this story cannot say how much of the $10 million will remain against expected spending.