PDS: up to $22mn Registered Direct Offering
Portfolio company PDS Biotech announces $22m registered direct offering of shares and warrants.
- Gross proceeds from Offering $11 million upfront
- Additional potential proceeds from warrant exercise up to $11 million
- Total offering size up to $22 million
- EMVC direct holding in PDS 2.8%
- Shares offered 7,330,121 shares
- Warrants offered up to 7,330,121 shares
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$11 Million Upfront with up to an Additional $11 Million of Aggregate Gross Proceeds Upon the Cash Exercise in Full of the Warrants
EMV Capital plc (AIM: EMVC), the deeptech and life sciences VC investment group, reports that its portfolio company PDS Biotechnology Corporation (Nasdaq: PDSB) - a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers, and in which it holds a 2.8% direct holding - has announced that it has entered into securities purchase agreements with new and existing healthcare focused institutional investors as well as participation from certain directors of PDSB, for the purchase and sale of 7,330,121 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 7,330,121 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules (the "Offering") at a combined purchase price of $1.50 for the institutional investors and $1.66 for certain directors of PDS.
The closing of the Offering is expected to occur on or about February 28, 2025, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $11 million.
A.G.P./Alliance Global Partners is acting as sole placement agent for the Offering.
PDSB intends to use the net proceeds from the Offering for research and development expenses and general corporate purposes.
A full version of PDS Biotech's announcement can be accessed here:
About PDS Biotechnology
PDS Biotechnology is a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers. The Company plans to initiate a pivotal clinical trial to advance its lead program in advanced HPV16-positive head and neck squamous cell cancers. PDS Biotech's lead investigational targeted immunotherapy Versamune® HPV is being developed in combination with a standard-of-care immune checkpoint inhibitor, and also in a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate (ADC), and a standard-of-care immune checkpoint inhibitor.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.