Cue Biopharma Inc. (NASDAQ:CUE) shares surged 67.57% overnight to $24.70 on Thursday after the company simultaneously announced a $30 million private investment in public equity financing, an exclusive Phase 2 anti-IgE antibody license and a CEO appointment.
$30 Million Raise Funds Pipeline Expansion
The PIPE, expected to close around May 4, involves pre-funded warrants for up to 2.72 million shares at an effective price of $11. Net proceeds will be used to support the acquisition and development of Ascendant-221, a humanized anti-IgE monoclonal antibody designed to neutralize free IgE and reduce the production of new IgE, targeting major pathways involved in allergic disease.
The funds will also be allocated toward general corporate purposes and working capital needs.
Phase 2 Anti-IgE Asset
Separately, CUE licensed Ascendant-221 …
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