TapImmune Inc. (OTCMKTS:TPIV)‘s stock reflected positive interest from the investors after the company shared about its efforts to raise finance. The clinical stage cancer company notified that it has reached an agreement with its institutional investors, as per which, it will be granted with an option to exercise the short term warrants of those investors, which will enable it to raise funding of $4.93 million.
Raising new finance
The company noted that the agreement will conclude as soon as the closing conditions are met, and an effective S-1 registration statement is completed. In addition to this, TapImmune Inc. (OTCMKTS:TPIV) has also restructured the terms of the agreement in a way to allow it call additional warrants, which can result in higher capital inflows to be used to undertake the company’s Phase 2 programs.
The company’s efforts to raise finance come on the heels of its recent announcement announcing the positive Phase 1 clinical data for breast and ovarian cancer. The Folate Receptor Alpha trial showed that the company’s therapy was safe and received a well-tolerated immune response.
Progressing to Phase 2 trials
While the data from the Folate Receptor Alpha trial as well as the HER2Neu Phase 1 study are already inspiring, the company is looking forward to the data release from the Her2neu breast cancer Phase 1 trial now. The company can go ahead with its planned Phase 2 trial through the exercise of Series B and C warrants as a result of the new financing arrangement.
During the press release, TapImmune Inc. (OTCMKTS:TPIV)’s Dr. Glynn Wilson said that the restructuring of the warrants will help the company to progress into Phase 2 clinical programs. He added that the financing activity undertaken during the start of the year helped the company with capital infusion as it progressed through a number of warrants. The stock of TapImmune Inc. (OTCMKTS:TPIV) surged by 5.25% to $0.600, while a total of 1.15 million shares changed hands.