Lantern Pharma closes $4M offering, warrants could add $4M more

Lantern Pharma Inc. (NASDAQ: LTRN) has closed a registered direct offering of 3,669,725 shares of common stock at $1.09 per share, raising approximately $4 million in gross proceeds before placement agent fees and other expenses, according to a press release.

In a concurrent private placement, the Dallas-based clinical-stage biopharmaceutical company also issued unregistered warrants to purchase up to 3,669,725 additional shares of common stock at the same price of $1.09 per share. If exercised in full on a cash basis, those warrants could generate approximately $4 million in additional gross proceeds. The company cautioned that no assurance can be given that any of the warrants will be exercised.

The warrants are exercisable only after receiving stockholder approval for the issuance of shares upon their exercise, and will expire five years following that approval.

Rodman & Renshaw LLC served as the exclusive placement agent for the offering.

Lantern Pharma stated it intends to use the net proceeds for working capital and general corporate purposes.

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