TapImmune Announces Immediate Infusion of $2.5 Million Dollars From Largest Institutional Investor
Warrant Conversion Into Restricted Shares Enhances Ability To Process Phase II Application and Begin Phase II trials
Jun 18, 2015, 07:25 ET
SEATTLE, June 18, 2015 /PRNewswire/ -- TapImmune, Inc. (TPIV), a clinical stage cancer immunotherapy company, announced today the receipt of$2.5M from Eastern Capital Limited, its largest institutional investor, as a result of the exercise of 5,000,000 warrants at $.50 per share. In addition, Eastern Capital still holds warrants which if fully exercised could result in an additional $15,000,000 proceeds to the Company. As part of the previously announced warrant reset strategy, other institutional holders hold warrants which if exercised could provide additional significant funding to the Company in the near-term.
Dr. Glynn Wilson stated "The immediate receipt of this $2.5M further strengthens our balance sheet and ensures our ability to move towards the initiation of a Phase II trial in triple negative breast cancer in the shortest possible time frame. We believe that Eastern Capital's willingness to purchase unregistered shares of common stock is reflective of their confidence in TapImmune's future."
The Company recently announced positive Phase 1 clinical data from its Folate Receptor Alpha trial in triple negative breast and ovarian cancer. This trial demonstrated the experimental therapy was safe, well-tolerated and provided a robust immune response. Data from the Folate Receptor Alpha trial and preliminary data from the HER2/Neu Phase 1 trial are very encouraging. A further data release from the HER2/Neu breast cancer Phase 1 trial is expected shortly.
About TapImmune Inc.
TapImmune Inc. is an immunotherapy company specializing in the development of innovative technologies for the treatment of cancer, including metastases, and infectious disease. The Company's peptide or nucleic acid-based immunotherapeutics, comprise one or multiple naturally processed epitopes (NPEs) designed to comprehensively stimulate a patient's killer T-cells, helper T-cells and to restore or further augment antigen presentation using proprietary nucleic acid-based expression systems. The Company's technologies may be used as stand-alone medications or in combination with current treatments. Please visit the Company's website at www.tapimmune.com for further details.
Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements". Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. The Company assumes no obligation to update the forward-looking statements.
Glynn Wilson, Ph.D.
Chairman & CEO
Kirin M. Smith
Chief Operating Officer
Chief Communications Officer
J. Streicher Capital, LLC
SOURCE TapImmune Inc.
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