Business
Marker Therapeutics and Lincoln Park Capital Enter into a Common Stock Purchase Agreement for up to $25 Million
HOUSTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Marker Therapeutics, Inc. (Nasdaq: MRKR), a clinical-stage immuno-oncology company specializing in the development
About this update from Marker Therapeutics, Inc.
[{"type":"text","content":"HOUSTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Marker Therapeutics, Inc. (Nasdaq: MRKR), a clinical-stage immuno-oncology company specializing in the development of next-generation T cell-based immunotherapies for the treatment of hematological malignancies and solid tumor indications, today announced that the Company has entered into a Common Stock Purchase Agreement (the \"Agreement\") for up to $25 million with Lincoln Park Capital Fund (\"LPC\"), a Chicago-based institutional investor and long-term Marker shareholder. Under the terms of the Agreement, LPC has committed to purchase up to $25 million of shares of the Company's common stock at Marker's sole discretion from time to time during a 24-month period upon satisfaction of the conditions in the Agreement, including after a registration statement registering the resale of shares to be sold to Lincoln Park under the Purchase Agreement is declared effective by the Securities and Exchange Commission (“SEC”). The price per share is set forth in the Agreement and is generally based on the market prices prevailing at the time of each sale to LPC. Marker will retain full control as to the timing and amount of any sale of shares of common stock to LPC, subject to certain limitations specified in the Agreement, including those under Nasdaq listing rules. There is no upper limit as to the price per share that LPC may pay for future stock issuances under the Purchase Agreement, and LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of Marker’s common stock. No warrants are being issued in this transaction, and the Agreement does not contain any rights of first refusal, participation rights, penalties or liquidated damages provisions in favor of any party. Marker maintains the right to terminate the Agreement at any time, at its discretion, without any additional cost or penalty. Marker anticipates using proceeds from sales of shares under the Agreement to advance Marker’s Phase 2 ARTEMIS trial of MT-401, the Company’s lead product candidate in post-transplant AML, Marker’s clinical programs in lymphoma and pancreatic cancer, and for working capital and general corporate purposes. \"We believe that this Agreement with LPC enables flexible access to capital in an efficient manner,\" stated Peter L. Hoang, President and CEO of Marker. \"Following our ...