IOBT - IO Biotech announces $75 million private placement financing
2023-08-07 08:53:52 ET
- IO Biotech Inc. ( NASDAQ: IOBT ) on Monday announced $75 million private placement financing.
- Under the agreement, the investors have agreed to purchase 37.07M shares of the company’s common stock and accompanying warrants to purchase up to an aggregate of 37.07M shares of common stock, at a combined purchase price of $2.025 per share and accompanying warrant.
- Each warrant will represent the right to purchase one share of company’s common stock at a price of $2.47 per share.
- The warrants will be exercisable for a period of three years and six months following date of issuance.
- “With the proceeds of this financing, we expect to have sufficient capital to fund our operations into the fourth quarter of 2025, supporting the continued development of IO102-IO103 through critical clinical milestones from our pivotal Phase 3 trial in first-line advanced melanoma, as well as from our Phase 2 studies," it said.
- IOBT -2.65% premarket to $1.83.
- Source: Press Release
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IO Biotech announces $75 million private placement financing