Harpoon Therapeutics recently announced a significant milestone in its funding efforts, as the company has successfully signed a private placement deal that could result in gross proceeds of up to $150 million. As a clinical-stage immunotherapy company, Harpoon aims to expand its resources to further advance its research and development programs.
Strong Financial Backing
The securities purchase agreement associated with this private placement is expected to generate upfront proceeds of approximately $100 million. Additionally, there is potential for an additional $50 million from the cash exercise of warrants, after deducting all placement agent fees and offering costs. The successful completion of this deal was made possible by the support of a top biotechnology investor affiliated with a major alternative asset manager, along with the participation of numerous new and existing investors.
As part of this financing arrangement, Harpoon will issue approximately 17.2 million shares of common stock and accompanying warrants. These warrants will enable the purchase of up to 8.6 million shares at a combined purchase price of $5.83 per share. The company has strategically structured this offering to ensure a well-funded course of action for its ongoing clinical development programs.
Funding Research and Late-Stage Clinical Studies
With the proceeds from this private placement, Harpoon Therapeutics intends to support its clinical development programs. Furthermore, it aims to allocate resources towards future late-stage clinical studies of HPN328, a promising treatment specifically designed for small cell lung cancer and other neuroendocrine tumor types. This funding infusion will enable Harpoon to advance its research and bring innovative immunotherapy solutions to patients in need.
For more information on Harpoon Therapeutics and its groundbreaking work in the field of immunotherapy, please visit their official website.