TapImmune Inc. (OTCMKTS:TPIV), a leading immunotherapy company in the country, announces that it has received $2.5 million from its largest institutional investor Eastern Capital.
As per the reports, this funding amount is an important part of company’s recently structured warrant reset strategy that was initially announced on June 2, 2015. The funding is in addition to the near term warrant strategy that is likely to offer an additional amount of $4.93 million.
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Even though, the warrant strategy is in place, yet, the company may decide to call additional warrants that can lead to a larger infusion of capital to existing funds through Phase 2 programs. While talking to reporters, Dr. Glynn Wilson of TapImmune Inc. stated that this additional financial aid of $2.5 million will help the company improving its balance sheet. The funding will further improve its position to start the Phase II trial for breast cancer cure in the near future.
Easter Capital has always supported the company as and when needed. With this funding, it has once again shown how much confidence it has in the capabilities of TapImmune Inc. The funding is also seen as a major achievement right after TapImmune announced the clinical data from Phase I of its Folate Receptor Alpha trial for ovarian and negative breast cancer.
With the help of this trial, the company was able to demonstrate that the experimental therapy was completely safe for all the patients. The trial also concluded that the therapy was well-tolerated and could provide an excellent immune response. All the information made public by the company from its HER2/Neu Phase 1 and Folate Receptor Alpha trial is quite encouraging.
The company is planning to release the next update from HER2/Neu breast cancer Phase 1 trial soon after receiving a positive response from the customers. It will keep all the shareholders updated about further advancements.