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PRINCETON, N.J. - PDS Biotechnology Corporation (NASDAQ:PDSB), a clinical-stage immunotherapy company with a market capitalization of $57.42 million, has announced agreements for a registered direct offering totaling approximately $11 million with healthcare-focused institutional investors and certain company directors. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though it has been rapidly depleting its cash reserves. The offering, priced at-the-market under Nasdaq rules, involves the sale of over 7.3 million shares and warrants to purchase an equivalent number of shares, with an exercise price of $1.50 per share.
The warrants are immediately exercisable and will expire five years from the date of issuance. The offering is expected to close around February 28, 2025, subject to standard closing conditions. A.G.P./Alliance Global Partners (NYSE:GLP) serves as the sole placement agent for the transaction. With a current ratio of 2.84, InvestingPro analysis shows the company’s liquid assets comfortably exceed its short-term obligations, potentially making this offering strategic rather than urgent.
PDS Biotech intends to allocate the net proceeds towards research and development expenses and for general corporate purposes. This financial move comes as the company prepares to initiate a pivotal clinical trial for its lead program targeting advanced HPV16-positive head and neck squamous cell cancers. Analysts maintain optimistic price targets ranging from $4.50 to $21.00, suggesting significant potential upside from the current price of $1.54. Get deeper insights into PDSB’s financial health and growth prospects with InvestingPro’s comprehensive research report, part of its coverage of over 1,400 US stocks. Its lead investigational immunotherapy, Versamune® HPV, is in development as both a standalone treatment and in combination with other cancer therapies.
The offering is conducted pursuant to a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on September 2, 2022. Investors can access the final prospectus supplement and accompanying prospectus on the SEC’s website or directly from A.G.P./Alliance Global Partners upon availability.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
PDS Biotechnology’s forward-looking statements in the press release reflect current beliefs and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The company has cautioned that the statements are not guarantees of future performance and that investors should read them in conjunction with other risks and uncertainties detailed in their SEC filings.
In other recent news, PDS Biotechnology Corporation announced that the FDA has approved the amended design for its VERSATILE-003 Phase 3 clinical trial. This trial will investigate Versamune® HPV in combination with pembrolizumab as a treatment for recurrent and/or metastatic HPV16-positive head and neck squamous cell cancer. The trial has received Fast Track designation, which aims to speed up the review process for drugs that address serious conditions with unmet medical needs. Site activation for the trial is expected in the first quarter of 2025. Dr. Frank Bedu-Addo, CEO of PDS Biotech, expressed the company’s readiness to initiate the trial, while Dr. Kirk Shepard, Chief Medical (TASE:BLWV) Officer, noted the importance of the companion diagnostic test for confirming HPV16-positive status in patients. This marks the first investigational use of such a test in a Phase 3 clinical trial for head and neck squamous cell cancer. The trial will explore the potential of Versamune® HPV to stimulate T-cells, in combination with pembrolizumab, and possibly in a triple therapy with PDS01ADC. The company has highlighted that their forward-looking statements are based on current beliefs and are subject to risks and uncertainties.
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