Arix Bioscience PLC (ARIX) Portfolio company Harpoon
Therapeutics announces closing of USD25 million private placement
28-March-2023 / 07:00 GMT/BST
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Arix Bioscience plc
Portfolio company Harpoon Therapeutics announces closing of
USD25 million private placement
LONDON, 28 March 2023: Arix Bioscience plc ("Arix" or the
"Company") (LSE: ARIX), a global venture capital company focused on
investing in breakthrough biotechnology companies, notes that its
Core Portfolio company, Harpoon Therapeutics ("Harpoon"), announced
it has closed a private placement to raise USD25 million from
redeemable preferred stock and warrants for the purchase of common
stock.
The financing included participation from new and existing
investors including New Leaf, Invus, OrbiMed, and K2 Health
Ventures. Arix participated with a USD3.5 million investment in
redeemable preferred stock which is not convertible into common
stock but is redeemable on the occurrence of certain events,
including the receipt of proceeds in connection with certain
strategic transactions. Arix retains a 6.7% holding in Harpoon,
subject to any future exercise of warrants over common stock issued
to investors pursuant to the current financing.
The proceeds will be used to complete Harpoon's ongoing clinical
studies for two of its TriTAC® T cell engagers: HPN217 (BCMA),
being studied in a Phase 1 trial for patients with relapsed and
refractory multiple myeloma; and HPN328 (DLL3), a Phase 1/2 study
for patients with multiple neuroendocrine tumours, including small
cell lung cancer and neuroendocrine prostate cancer.
Robert Lyne, CEO of Arix Bioscience, stated: "We are pleased to
support the ongoing progress of Harpoon's HPN328 and HPN217, the
latter of which is well positioned to be a best-in-class
BCMA/CD3-targeted T cell engager. This financing demonstrates
Arix's versatile approach to supporting the Core Portfolio with
alternative structures of funding at a time when public market
activity remains subdued."
The announcement can be accessed on Harpoon Therapeutics'
website at: www.harpoontx.com and the full text of the announcement
from the company is contained below.
[ENDS]
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
+44 (0)20 7290 1050
ir@arixbioscience.com
Powerscourt Group
Sarah MacLeod, Ibrahim Khalil, Nick Johnson
+44 (0)20 7250 1446
arix@powerscourt-group.com
About Arix Bioscience plc
Arix Bioscience plc is a global venture capital company focused
on investing in breakthrough biotechnology companies around
cutting-edge advances in life sciences.
We collaborate with exceptional entrepreneurs and provide the
capital, expertise, and global networks to help accelerate their
ideas into important new treatments for patients. As a listed
company, we are able to bring this exciting growth phase of our
industry to a broader range of investors.
www.arixbioscience.com
Harpoon Therapeutics Press Release:
Harpoon Therapeutics Announces Closing of USD25 Million Private
Placement
SOUTH SAN FRANCISCO, Calif., March 27, 2023 -- Harpoon
Therapeutics, Inc. (NASDAQ: HARP) (the "Company"), a clinical-stage
immuno-oncology company developing novel T cell engagers, today
announced that it has closed a private placement of redeemable
preferred stock and warrants to purchase common stock to certain
institutional and other accredited investors for aggregate gross
proceeds to the Company of USD25 million, before deducting offering
expenses, which does not include any proceeds that may be received
upon exercise of the warrants.
The private placement included participation from new and
existing investors, including New Leaf, Arix Bioscience, Invus,
OrbiMed and K2 HealthVentures.
SVB Securities provided exclusive financial advisory services to
the Company.
The Company intends to use the net proceeds to complete its
ongoing Phase 1 clinical studies for two TriTAC® T cell engagers,
including HPN217 (BCMA) being studied in a Phase 1 trial for
patients with relapsed and refractory multiple myeloma, and HPN328
(DLL3), a Phase 1 / 2 study for patients with multiple
neuroendocrine tumors, including small cell lung cancer and
neuroendocrine prostate cancer. The proceeds will also be used for
working capital and other general corporate purposes.
"In these challenging markets we are appreciative of the ongoing
support from our investors, including those who have been with us
for many years and have supported the discovery and development of
our novel T cell engagers. This support will provide us sufficient
capital, beyond our anticipated 2023 milestones, into the second
half of 2024," said Julie Eastland, President and CEO of
Harpoon.
Investors purchased an aggregate of (i) 25,000 shares of
preferred stock at a price per share of USD1,000 and (ii) warrants
to purchase 7,485,762 shares of common stock with an exercise price
of USD0.978885 per share, which represents a 35% premium to the
closing price of common stock at the time of the signing of the
definitive agreements with respect to the private placement. The
preferred stock issued in the private placement is not convertible
into common stock and is redeemable at any time at the option of
the Company and mandatorily redeemable by the Company upon the
occurrence of certain events, including the receipt of proceeds in
connection with certain strategic transactions, and on the third
anniversary of the closing date, in each case subject to a return
multiple.
Additional information regarding the private placement will be
included in a Form 8-K to be filed by the Company with the
Securities and Exchange Commission, and this press release is
subject to the further detail provided in the Form 8-K.
The offer and sale of the foregoing securities were made in a
transaction not involving a public offering and the securities have
not been registered under the Securities Act of 1933, as amended
(the "Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be reoffered or resold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
About Harpoon Therapeutics
Harpoon Therapeutics is a clinical-stage immuno-oncology company
developing a novel class of T cell engagers that harness the power
of the body's immune system to treat patients suffering from cancer
and other diseases. T cell engagers are engineered proteins that
direct a patient's own T cells to kill target cells that express
specific proteins, or antigens, carried by the target cells. Using
its proprietary Tri-specific T cell Activating Construct (TriTAC®)
platform, Harpoon is developing a pipeline of novel TriTACs
initially focused on the treatment of solid tumors and hematologic
malignancies. Harpoon has also developed a proprietary ProTriTACT
platform, which applies a prodrug concept to its TriTAC platform to
create a therapeutic T cell engager that remains inactive until it
reaches the tumor. Harpoon's third proprietary technology platform,
extended release TriTAC-XR, is designed to mitigate cytokine
release syndrome. For additional information about Harpoon
Therapeutics, please visit www.harpoontx.com.
END
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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: GB00BD045071
Category Code: PFU
TIDM: ARIX
LEI Code: 213800OVT3AHQCXNIX43
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 232901
EQS News ID: 1593619
End of Announcement EQS News Service
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