Business
Cue Biopharma Announces $30 Million Private Investment in Public Equity (PIPE) Financing
BOSTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable
About this update from Cue Biopharma, Inc.
[{"type":"text","content":"BOSTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate tumor-specific T cells directly within the patient’s body, announced today that it has entered into securities purchase agreements with certain accredited investors for a $30 million private investment in public equity (PIPE) financing. The PIPE financing included a life sciences-focused investment fund that is a new investor in the company as well as participation from other new and existing investors. Piper Sandler & Co. acted as lead placement agent and Public Ventures LLC acted as co-placement agent to Cue Biopharma for the PIPE financing. In the PIPE financing, Cue Biopharma agreed to sell 7,656,966 shares of its common stock and, in lieu of shares of common stock to certain investors, pre-funded warrants (“Pre-Funded Warrants”) to purchase an aggregate of 1,531,440 shares of common stock, and, in each case, accompanying warrants (“Warrants”) to purchase an aggregate of up to 9,188,406 additional shares of common stock (or Pre-Funded Warrants in lieu thereof) at a price of $3.265 per share and accompanying Warrant (or $3.2649 per Pre-Funded Warrant and accompanying Warrant). The exercise price of the Warrants is $3.93 per share, or if exercised for a Pre-Funded Warrant in lieu thereof, $3.9299 per Pre-Funded Warrant. The Warrants are exercisable at any time after they are issued and ending on the fifth anniversary of the closing. The Pre-Funded Warrants are exercisable at any time after they are issued and will not expire. The transaction is expected to close on or about November 16, 2022, subject to the satisfaction of customary closing conditions. Net proceeds from the PIPE financing are expected to be used to advance the clinical development of CUE-101, Cue Biopharma’s lead interleukin 2 (IL-2)-based Immuno-STAT™ biologic, business development activities, working capital and other general corporate purposes. The securities to be sold in the PIPE financing have not been registered under the Securities Act of 1933, as amended (“Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registr...