PDS Biotechnology Raises $22.6 Million in Equity Funding; Shares Rise

MT Newswires Live09-08 22:26

PDS Biotechnology (PDSB) said Tuesday it raised up to about $22.6 million in equity funding through a private investment in public equity transaction led by Nant Capital.

Nant will have the right to designate two members to join PDS' board, one of whom will be NantWorks founder Patrick Soon-Shiong, as long as the investment firm owns at least 15% of PDS' outstanding common stock, according to a statement.

At the transaction's initial closing, expected around Friday, PDS said it plans to sell shares and accompanying purchase warrants for gross proceeds of about $11.6 million.

Further, PDS said it will grant NantWorks a one-year exclusive right to negotiate an exclusive license to PDS0101, the company's investigational human papilloma virus targeted immunotherapy.

Shares of PDS Biotechnology were up more than 48% in Tuesday morning trading.

Price: 0.33, Change: +0.11, Percent Change: +48.64

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