PDS Biotech raises approximately $3.9 million from NantWorks warrant exercise
PDSB•PDS Biotech raised approximately $3.9 million in gross proceeds after NantWorks exercised warrants covering 17,699,115 shares, or pre-funded warrants in lieu of shares, at $0.22 each.
1. Warrant exercise
PDS Biotech said NantWorks exercised outstanding common stock warrants covering 17,699,115 shares, or pre-funded warrants in lieu of shares, at $0.22 per share. A nonwaivable 19.9% beneficial ownership limit required part of the exercise to be settled in pre-funded warrants. The company plans to use the proceeds to advance PDS0301 toward a Phase 3 metastatic colorectal cancer trial, pursue its PDS0101 partnership strategy and for general corporate purposes.
