Polaryx Therapeutics raised $10 million in a PIPE financing by issuing 2,502,696 shares at $4.00 each to fund its Phase 2 SOTERIA basket trial evaluating PLX-200 in four lysosomal storage disorders. The cash infusion extends Polaryx’s runway through Q2 2027 and supports trial launch in H2 2026.
Polaryx closed a private placement that generated $10 million by selling 2,502,696 common shares at an average price of $4.00 per share. The financing completed on May 28, 2026, without registration under the Securities Act, securing capital for clinical execution.
Net proceeds from the PIPE, combined with existing cash, will fund initiation of the SOTERIA trial, ongoing research and development, and general corporate purposes. This financing is expected to extend the company’s operating runway through the second quarter of 2027.
The open-label, single-arm Phase 2 basket trial will assess safety, tolerability and clinical activity of PLX-200 in CLN2, CLN3, Krabbe disease and Sandhoff disease. Launch is targeted for the second half of 2026 with sites in the U.S., Europe and Asia.
PLX-200 holds FDA Fast Track Designation for all four indications and received a safe-to-proceed letter in October 2025. The trial includes natural history controls for CLN2 and CLN3 cohorts, positioning the company for potential conditional marketing authorization upon positive results.
