Date: 2016-08-11
Type of information: Private placement
Company: Tapimmune (USA - Fl)
Investors:
Amount: $8.5 million (€7.6 millio)
Funding type: private placement
Planned used: TapImmune is a clinical-stage immuno-oncology company specializing in the development of innovative peptide and gene-based immunotherapeutics and vaccines for the treatment of cancer and metastatic diseases. TapImmune expects to use these funds for general corporate purposes, including clinical trial expenses and research and development expenses over the next 18 months. The Company currently has its lead product TPIV 200, a T-cell cancer vaccine against the target folate receptor alpha, in three Phase 2 trials with a fourth targeted to start in the fourth quarter of this year. One study in triple negative breast cancer is being run at the Mayo clinic with a grant provided by the Department of Defense, a second in ovarian cancer has begun enrollment at Memorial Sloan Kettering Cancer Center in New York City in collaboration with Astra Zeneca. TapImmune is sponsoring two studies in ovarian and triple negative breast cancer. The Company plans to fund these studies as well as begin development on its Her2/neu product TPIV 110 with the proceeds from this financing.
Others: * On August 11, 2016, TapImmune announced the entry into definitive agreements to raise aggregate gross proceeds of approximately $8.5 million from an approximately $2.5 million private placement transaction with new investors and the exercise of certain outstanding warrants from existing investors that will result in gross proceeds of $6 million. The closing of the transactions are subject to customary closing conditions. In the private placement, TapImmune ,250,000 shares of its common stock and five-year warrants to purchase an equal number of the Company’s shares of common stock, at an exercise price of $0.50 per share. Katalyst Securities acted as the placement agent for the private placement financing. Simultaneously with signing the private placement agreement, holders of an aggregate of 12 million Series C and C-1 Warrants, each providing for the purchase of one share of Company common stock for $0.50 per share, have agreed to exercise their warrants for an aggregate exercise price of $6,000,000. Additionally, TapImmune and the holders of the warrants entered into an amendment to the terms of their other outstanding warrants to remove provisions that had previously caused them to be classified as a derivative liability on the Company’s balance sheet for additional consideration, which consideration shall consist of shares of common stock and additional warrants to purchase common stock. TapImmune also announced that it has filed an application with the Nasdaq Stock Market to obtain a listing of its common stock on the Nasdaq Capital Market. The Company and its Board of Directors are working on finalizing plans to meet all of the Nasdaq listing requirements. No assurance can be given that the Company’s common stock will be approved for listing on the Nasdaq Capital Market.
Therapeutic area: Cancer - Oncology
