2022-08-24 | NDAQ:HRZN | Press release
- Initial tranche of $25 million provides funding for registration trial of lead applicant PDS0101
- Conference call scheduled for Thursday, August 25, 2022 at 8:00 a.m. EDT
FLORHAM PARK, NJ, Aug. 24, 2022 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing portfolio of molecularly-targeted cancer immunotherapies and infectious disease vaccines based on the company’s proprietary Versamune® and Infectimune™ T-cell activation technologies, today announced that it has entered into a debt financing agreement led by Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”) to provide a term loan of up to $35.0 million.
“We are delighted to partner with Horizon, a leading specialty finance company with a long history of supporting innovative life science companies,” said Frank Bedu-Addo, CEO of PDS Biotech. “We anticipate a number of important milestones in our oncology and infectious disease programs. This transaction immediately strengthens our balance sheet and provides the financial resources needed to advance the company’s clinical pipeline. We look forward to meeting with the U.S. Food and Drug Administration this quarter to discuss the registration trial design for our lead program.”
As part of the financing, PDS Biotech received an initial tranche of $25 million at closing. The Company has the option to receive an additional $10 million. Each loan advance will be repaid in 48 monthly installments consisting of 24 monthly installments of interest only, followed by 24 monthly installments of principal and accrued interest. As part of the financing, PDS Biotech issued Horizon warrants to purchase up to 4% of the loan proceeds, 381,625 of its common shares at an exercise price of $3.6685 per share. Proceeds will be used to support the ongoing clinical development of PDS0101 and other product candidates within the Company’s pipeline and for general working capital purposes.
Further information regarding the debt financing agreement with Horizon will be contained in a current report to be filed on Form 8-K by PDS Biotechnology with the Securities and Exchange Commission.
Conference call and webcast
The conference call is scheduled for Thursday, August 25, 2022 at 8:00 a.m. EDT. Participants should dial 877-407-3088 (U.S.) or 201-389-0927 (International) and reference conference ID 13732262. To access the webcast, please use the following information link. The event will be archived in the investor relations section of the PDS Biotech website for six months.
About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune technology® and Infectimune™ T cell activation technology platforms. We believe that our targeted Versamune® have the potential to overcome the limitations of current immunotherapy by inducing large amounts of high quality and highly potent polyfunctional tumor-specific CD4+ and CD8+ killer T cells. To date, our leader Versamune® the clinical candidate, PDS0101, has demonstrated the ability to shrink tumors and stabilize disease in combination with approved and investigational treatments in patients with a wide range of HPV16-associated cancers in multiple Phase 2 clinical trials. Infectimune™-based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also potent T cell responses, including long-lasting memory T cell responses in preclinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
About Horizon Technology Financing
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainability. Horizon’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when these borrowed investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) regarding PDS Biotechnology Corporation ( the “Company”) and other matters. These statements may discuss objectives, intentions and expectations regarding future plans, trends, events, results of operations or financial condition, or otherwise, based on the current beliefs of the company’s management, as well as assumptions made by and information currently available. to management. Forward-looking statements generally include statements that are predictive in nature and depend on or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intention,” “forecast,” “direction,” “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions which are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statements due to a variety of factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital needs, including the Company’s anticipated cash flow and the Company’s current expectations regarding its plans for future equity financings; the company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that the raising of such additional capital may restrict the company’s operations or require the Company to waive any rights to the Company’s product technologies or product candidates; the Company’s limited operating history in the Company’s current industry, which makes it difficult to assess the Company’s prospects, the Company’s business plan or the likelihood of successful implementation of this business plan by the Company; the timeline for the Company or its partners to initiate planned clinical trials for PDS0101, PDS0203 and other Versamunes® and Infectimune™-based product candidates; the future success of these trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaborative studies regarding PDS0101, PDS0203 and other Versamunes® and Infectimune™-based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and planned clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, rate of recruitment and completion trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material change to our currently projected expenditures), futility analyses, conference presentations and data reported in an abstract, and receipt of any interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any statements by the Company regarding its understanding of the mechanisms of action of product candidates and the interpretation of preclinical and early clinical results from its clinical development programs and any collaborative studies; and other factors, including legislative, regulatory, political and economic developments that are not within the Company’s control, including record inflation, unforeseen circumstances or other disruptions to normal business operations resulting from or related to COVID-19 and the ongoing military conflict between Russia and Ukraine. The foregoing discussion of important factors that could cause actual events to differ from expectations should not be construed as complete and should be read in conjunction with the statements that are included herein and elsewhere, including the risk factors included in the company’s annual and periodic reports. filed with the SEC. Forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statement, whether as a result of new information, future events or otherwise.
Versamune® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.
Phone: +1 (908) 517-3613
Email: [email protected]
Phone: +1 (404) 736-3838
Email: [email protected]