BRIDGEWATER, NEW JERSEY - Tharimmune, Inc. (NASDAQ:THAR), a biotech firm specializing in immunology and inflammation with a market capitalization of $3.02 million, has announced a private placement deal to raise approximately $2.02 million. The company's stock has declined over 60% in the past six months, according to InvestingPro data. The agreement involves issuing 961,446 shares of common stock (or equivalents) and warrants for an additional 480,723 shares. Each share or equivalent is priced at $2.10, with a warrant attached. These warrants have a $2.031 exercise price, becoming exercisable six months post-issuance, and expiring five and a half years from the date of issuance. The expected closing date for this transaction is on or about December 9, 2024, subject to standard closing conditions.
The financing round was led by Gravitas Capital and SDS Capital Group, with participation from other biotech-focused private investors. President Street Global acted as the exclusive placement agent for the offering. InvestingPro analysis shows the company maintains a healthy current ratio of 2.35, with cash reserves exceeding short-term obligations, suggesting strong near-term liquidity. After accounting for placement agent fees and related expenses, the net proceeds are earmarked for clinical development, particularly advancing the TH104 program, and for general working capital purposes.
Tharimmune's TH104 is a clinical asset aimed at treating chronic pruritus associated with primary biliary cholangitis (PBC), a rare autoimmune liver disease. The securities in this placement were offered pursuant to Section 4(a)(2) of the Securities Act of 1933 and Regulation D. They are not registered under the Securities Act or state securities laws, but Tharimmune will file a resale registration statement to facilitate future trading.
The company is also progressing with TH023, an oral TNF-alpha inhibitor, and is exploring new multi-specific biologics for solid tumors. Through a partnership with OmniAb, Inc., Tharimmune is utilizing advanced antibody discovery platforms for disease targeting.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including anticipations regarding Tharimmune's Phase 2 trial and strategic operations. While analysts currently see potential upside based on InvestingPro's Fair Value analysis, they do not anticipate profitability this year. Discover more insights and 8 additional ProTips with an InvestingPro subscription. These statements are based on current expectations and could significantly differ from actual results. Factors influencing these differences include those discussed in the company's Annual Report and other SEC filings.
The information in this article is based on a press release statement from Tharimmune, Inc.
In other recent news, Tharimmune, Inc. has been the subject of several notable developments. Rodman & Renshaw initiated coverage on Tharimmune, issuing a Buy rating with a 12-month price target of $17.00 per share, based on a detailed financial model and the potential future cash flows from TH104, a drug under development. The firm's outlook on Tharimmune's stock is contingent on the successful development and commercial launch of TH104.
Tharimmune has also seen changes in its leadership, with the appointment of Sanam Parikh as the newest member of its board of directors. However, the company decided to cancel a potential merger with Intract Pharma Ltd., as disclosed in a recent SEC filing.
In terms of intellectual property, Tharimmune is set to receive a European patent for its biodegradable polymeric nanoparticles technology, which is expected to enhance cancer therapies. The company also received positive feedback from the European Medicines Agency (EMA) regarding its Phase 2 clinical trial plans for TH104, aimed at treating pruritus in primary biliary cholangitis (PBC).
Phase 1 data for TH104 shows promise, with the drug being well received and no unexpected treatment-emergent adverse events reported. Additionally, Tharimmune has entered into an exclusive licensing agreement with Intract Pharma for an innovative oral delivery platform for anti-inflammatory treatments.
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