According to a press release by BusinessWire, Lion Biotechnologies, Inc had obtained a gross USD23.3 million private investment by divesting its shares to institutional investors. Lion issues 3,145,300 common stock, 17,000 Series A Convertible Preferred Stock and warrants to acquire a combined 11,645,300 common stock shares. The share sale had net USD21.6 million for Lion in proceeds after paying necessary placement agency and offering fees.
Lion, formerly called Genesis Biopharma, Inc, had been developing biotech processes to treat various cancers. Its primary product is a T-cell therapy procedure to treat patients with Stage IV metastatic melanoma.
Lion President and Chief Executive Officer Manish Singh, PhD said about the share sale, "We are very pleased to have raised the capital we believe is required to take our lead T-cell program into a Phase III clinical study for metastatic melanoma as well as sponsor several additional combination studies of check point inhibitors and T-cells. The quality of the investors participating in this financing is a strong endorsement of our clinical results to-date and of the potential for tumor-infiltrating lymphocyte technology."
Quogue Capital LLC led the share sale. Institutional investors who participated in the share sale included Three Arch Opportunity Fund, Broadfin Capital LLC, Perceptive Advisors LLC and venBio Select Advisor.
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