NEW YORK – Lantern Pharma on Thursday said it has priced a public offering of 4,285,715 shares of its common stock at $14.00 per share.
Dallas, Texas-headquartered Lantern expects to raise gross proceeds of $60 million, minus underwriting discounts and offering expenses. The precision oncology firm has granted underwriters a 45-day option to purchase an additional 642,856 shares of common stock at the public offering price to cover over-allotments. The offering is slated to close on Jan. 20.
Lantern is using its proprietary RADR artificial intelligence platform to repurpose and develop precision oncology drugs by identifying predictive genomic signatures. For example, the company is working with Georgetown University to advance LP-184 in solid tumors, and they have generated preclinical evidence showing that the drug may be effective in killing prostate cancer cells that overexpress PTGR1 and in cell lines harboring genetic mutations that impair the cells' ability to repair DNA damage.
In a registration statement filed with the US Securities and Exchange Commission earlier this month, Lantern said it planned to use the proceeds from the offering for working capital, general corporate purposes, improving its RADR platform, advancing therapeutic candidates in its pipeline, as well as acquiring and in-licensing additional drug development candidates and other intellectual property.