New Haven biotech goes public after merger, raises $200M

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Yarrow Bioscience Inc., a clinical-stage biotechnology company focused on autoimmune thyroid diseases, is headquartered at 470 James St. in New Haven. The company recently completed a reverse merger with VYNE Therapeutics Inc., began trading on the Nasdaq Capital Market under the ticker symbol YARW, and raised approximately $200 million in private financings led by RTW Investments, with participation from OrbiMed, Janus Henderson Investors, venBio Partners, Logos Capital, LifeSci Venture Partners, and Perceptive Advisors.

Yarrow’s lead drug candidate, YB-101, is in mid-stage clinical trials for Graves’ disease and thyroid eye disease and has received Fast Track designation from the U.S. Food and Drug Administration. The company’s available cash is projected to fund operations into 2028.

Led by President and CEO Rebecca V. Frey, a former Alexion Pharmaceuticals executive, Yarrow reported a second-quarter net loss of $6.5 million, including $4.9 million in research and development expenses, with $18.7 million in cash and cash equivalents as of June 30.