Intel stock spikes after report of possible US government stake
PDS Biotechnology Corp (NASDAQ:PDSB), a pharmaceutical company, announced today that it has entered into an Amended and Restated At Market Issuance Sales Agreement with investment firms B. Riley Securities, Inc. and H.C. Wainwright & Co., LLC. Under this agreement, PDS Biotechnology may, at its discretion, sell up to $50 million of its common stock in at-the-market offerings.
The new sales agreement allows the company to issue shares through the Agents, acting as sales agents or principals, directly on the Nasdaq Capital Market or other available trading markets for the common stock. The sales will be conducted in accordance with the company's effective registration statement filed on August 24, 2022, and declared effective on September 2, 2022.
PDS Biotechnology has the right to give the Agents instructions regarding the sale of the shares, including price, timing, and size of the transactions. For their services, the Agents will receive a commission of three percent of the gross proceeds from the sale of the shares.
In other recent news, PDS Biotechnology Corporation has outlined its plans for the upcoming clinical trials of Versamune HPV, a treatment for HPV-positive head and neck cancer. The company announced its intention to initiate the Phase III trial, VERSATILE-003, later this year, aiming to enroll between 400-450 patients. The trial will evaluate the effectiveness of their treatment in combination with pembrolizumab.
The FDA has expressed support for PDS Biotech's trial designs, which include both double and triple drug combinations. The company has emphasized the favorable safety profile observed in earlier trials and the potential for accelerated approval through fast-track designation. It is also planning to advance its lead program into a registrational trial in 2024.
Analysts noted the company's plan to utilize a 2:1 design for the trial and possibly leverage the fast-track designation for speedier review. PDS Biotech also revealed its intention to have continuous discussions with the FDA, potentially utilizing fast-track designation.
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