Harpoon Therapeutics, a clinical-stage immuno-oncology company, has closed a private placement of redeemable preferred stock and warrants to purchase common stock to confident institutional and other accredited investors for aggregate gross proceeds of $25 million. The financing round included participation from both new and existing investors, including New Leaf, Arix Bioscience, Invus, OrbiMed, and K2 HealthVentures.
The company intends to use the net proceeds to complete its ongoing Phase 1 clinical studies for two TriTAC® T cell engagers, HPN217 (BCMA) and HPN328 (DLL3). HPN217 is being studied in a Phase 1 trial for patients with relapsed and refractory multiple myeloma, while HPN328 is in a Phase 1/2 study for patients with various neuroendocrine tumors, including small cell lung cancer and neuroendocrine prostate cancer.
The funds raised in the private placement will also be used for working capital and other general corporate purposes.
Harpoon Therapeutics is a clinical-stage biotech company developing novel T cell-engaging biologics for treating cancer and other diseases. Its TriTAC® platform is designed to harness the power of a patient’s immune system to attack cancer cells.
The financing round is expected to provide Harpoon with the financial resources it needs to continue the development of its innovative therapies. The company’s TriTAC® platform has shown promising results in preclinical and clinical studies, and the funding will enable the company to advance its research and development efforts.
The participation of new and existing investors in the financing round is a positive sign for Harpoon. It reflects the growing interest in the company’s innovative approach to cancer treatment. The funds raised in the private placement will enable Harpoon to advance its clinical programs and move closer to bringing its potentially life-saving therapies to market.
In conclusion, closing this private placement is a significant milestone for Harpoon Therapeutics and represents an important step forward in developing its TriTAC® platform. The funds raised will provide the company with the financial resources it needs to continue its research and development efforts and bring its potentially transformative therapies to needy patients.
The TriTAC® technology developed by Harpoon Therapeutics is a proprietary platform for creating T-cell engagers designed to direct a patient’s immune system to identify and eliminate cancer cells. The platform can potentially address a broad range of cancer types and is being evaluated in multiple clinical trials.
HPN217 is one of Harpoon’s most advanced product candidates and is being developed to treat multiple myeloma, a type of blood cancer that affects plasma cells. The drug is designed to redirect T cells to target BCMA (B cell maturation antigen)-expressing cancer cells. HPN328, on the other hand, is being developed to treat multiple neuroendocrine tumors, including small-cell lung cancer and neuroendocrine prostate cancer. The drug is designed to redirect T cells to target DLL3-expressing cancer cells.
Harpoon’s CEO, Gerald McMahon, expressed his excitement about the successful completion of the private placement and stated that the additional funding would help advance the company’s clinical programs and bring new therapies to cancer patients. The company is committed to developing innovative treatments for cancer patients and is rapidly growing its pipeline of TriTAC® product candidates.
The successful completion of the private placement is a positive development for Harpoon and highlights the strong investor interest in the company’s innovative approach to cancer treatment. As the company continues to advance its clinical programs, investors will be closely watching for updates on the progress of its product candidates and the potential impact they may have on cancer patients.