Kiromic BioPharma, Inc. announces the closing of its public offering
HOUSTON – (COMMERCIAL THREAD) – Kiromic BioPharma, Inc. (Nasdaq: KRBP) (the âCompanyâ), an immuno-oncology target discovery and gene editing company with a proprietary artificial intelligence neural network platform (Diamond AI) which is used to develop a novel oncology therapies, today announced the closing of its previously announced subscribed public offering of 8,000,000 common shares at a public offering price of $ 5.00 per share , which generated gross proceeds for the Company of $ 40 million. In addition, the Company has granted the underwriters a 45-day option to purchase up to 1,200,000 additional common shares, solely to cover the over-allotments.
ThinkEquity, a division of Fordham Financial Management, Inc. acted as the sole accounting manager of the offering.
The Company intends to use the net proceeds of the offering primarily for clinical trials of its product candidates ALEXIS-ISO-1 and ALEXIS-PRO-1, expansion of GMP facilities, protection and strengthening of intellectual property, IND applications and IND testing enabling and working capital and the rest for general corporate purposes.
A registration statement relating to the common shares sold under this offering was declared effective by the Securities and Exchange Commission (the âSECâ) on June 29, 2021. The offering is being made only by way of a prospectus. Copies of the final prospectus can be obtained from the SEC’s website, www.sec.gov, or by contacting ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004 , by phone at (877) 436-3673 or by email at [email protected]
This press release does not constitute an offer to sell or a solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Kiromic BioPharma, Inc.
Kiromic BioPharma, Inc. is a target discovery and gene editing company using an advanced artificial intelligence (AI) platform focused on unleashing the potency of the patient’s immune system to fight cancer.
Kiromic’s pipeline development is based on the company’s proprietary target discovery artificial intelligence engine called “DIAMOND”. Kiromic’s DIAMOND is the big data science that responds to target identification, dramatically compressing the man-years and millions of dollars of drug development needed to develop a living drug.
The company maintains its offices in the world’s largest medical center in Houston, Texas, adjacent to the MD Anderson Cancer Center and Baylor College of Medicine, where Kiromic maintains an ongoing collaboration with these institutions.
Disclaimer Regarding Forward-Looking Statements
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