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TuHURA Biosciences, Inc. (NASDAQ:HURA), a pharmaceutical company with a market capitalization of $178.6 million, announced on Monday the issuance of secured promissory notes totaling $3,011,372.60. According to InvestingPro analysis, the company currently trades at $4.19 per share. The notes were issued to four warrant holders as payment for the exercise of over 1 million warrants, according to a recent 8-K filing with the Securities and Exchange Commission.
The warrant holders, including KP Biotech Group, LLC, CA Patel F&F Investments, LLC, Dr. Kiran C. Patel, and Donald Wojnowski, received an aggregate of 1,034,836 shares of common stock, classified as "restricted securities" under federal laws.
The promissory notes carry an annual interest rate of 12%, with the principal and interest due by May 30, 2025. If not paid by the maturity date, the interest rate will increase to 18%. The notes are secured by the shares of common stock issuable upon the exercise of the warrants.
In the event of default, which includes nonpayment or bankruptcy among other conditions, the company has the right to demand immediate payment and may foreclose on the shares or take action against the maker.
The company's filing provides detailed terms of the notes, which are available in Exhibit 10.1 of the SEC filing. This financial maneuver comes as part of TuHURA Biosciences' broader capital management strategy. InvestingPro subscribers can access additional insights about the company's financial health, including 6 key ProTips and comprehensive financial metrics.
The information is based on a press release statement.
In other recent news, TuHURA Biosciences has seen significant developments. The company reported a change in its independent registered public accounting firm, shifting from Marcum LLP to Cherry Bekaert (EBR:BEKB) LLP, following a merger and subsequent rebranding.
In an effort to expand its cancer treatment technology, TuHURA Biosciences received a Buy rating and a price target of $11.00 from H.C. Wainwright. This rating comes as the company advances its proprietary technology platform, Immune FxTM (IFx-HU2.0), designed to enhance the efficacy of checkpoint inhibitor-based therapies.
TuHURA Biosciences also announced a definitive merger agreement to acquire Kineta, Inc., a clinical-stage biotechnology firm. This acquisition will expand TuHURA's pipeline in cancer immunotherapy, including Kineta's novel checkpoint inhibitor KVA12123. The transaction involves a combination of cash and TuHURA common stock.
The company is also preparing for a Phase 3 trial of its immune agonist candidate, IFx-2.0, in conjunction with pembrolizumab for advanced Merkel Cell Carcinoma. This comes alongside the potential acquisition of a novel antibody from Kineta, Inc.
These recent developments highlight TuHURA Biosciences' ongoing efforts in the field of cancer immunotherapy.
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