Achaogen Inc., of South San Francisco, said it completed its underwritten public offering of 15 million shares and accompanying short-term warrants to purchase up to 15 million shares and long-term warrants to purchase up to 15 million shares at a combined price of $1 per share of common stock and accompanying warrants, for gross proceeds of $15 million. The company expects to use the net proceeds to fund commercialization of Zemdri (plazomicin) in the U.S., the regulatory approval process for plazomicin in Europe and the development of product candidate C-Scape, and any remaining proceeds for working capital and general corporate purposes.
Geneos Therapeutics Inc., of Plymouth Meeting, Pa., said it closed its series A round raising $10.5 million that will launch its operations as a stand-alone entity aimed at developing the next generation of neoantigen-targeting cancer immunotherapies. Geneos, created as a spinout of Inovio Pharmaceuticals Inc., also of Plymouth Meeting, Pa., will leverage a proven immunotherapy platform under an exclusive license from Inovio in the field of personalized treatments for cancer. The Geneos platform allows the company to develop personalized therapies tailored to each patient's own tumor mutations.
Hoth Therapeutics Inc., of New York, which is developing targeted therapeutics for patients suffering from indications such as atopic dermatitis, closed its IPO of 1.25 million shares at $5.60 each, resulting in gross proceeds of $7 million. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 187,500 shares at the IPO.
MPM Capital, a life sciences venture capital firm investing in early stage therapeutics companies, said it closed its seventh venture fund, Bioventures 2018 (BV2018). MPM is currently investing out of BV2018 and its two oncology-only funds with a total of more than $1 billion in capital. The fund will focus on disruptive scientific developments across multiple therapeutic areas, including oncology, immunology and neuroscience as well as emerging modalities of cell, gene and nucleic acid therapies.
Plx Pharma Inc., of Houston, said at its reconvened special meeting of stockholders, held Feb. 19, an amendment to authorize 1 million shares of "blank check" preferred stock was approved, with the issuance of more than 20 percent of the company's common stock in a private placement transaction of $15 million convertible preferred stock financing by investment funds affiliated with Park West Asset Management LLC.