Spring Bank raising $15M
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Hopkinton’s Spring Bank Pharmaceuticals has received enough funding to keep the company afloat for roughly another year, selling off $15 million of common stock and warrants, the company announced Friday.
The funds will be used by the clinical-stage biopharmaceutical company to advance its pipeline of small molecule nucleic acid hybrid molecules. According to the company, chemically modified nucleic acid fragments can serve as a new class of chemical entities for drug discovery and development.
The financing consists of the sale and issuance of 1,644,737 shares of common stock and warrants at an exercise price of $10.79 per share. The funding announcement comes after Spring Bank had reached $15.6 million in cash, cash equivalents and marketable securities at the end of its third quarter, with that quarter costing the company $4.1 million in losses.
The private placement was led by MPM Capital, Oncology Impact Fund with participation by other new and existing investors. The financing is expected to close on or about Nov. 23, 2016.
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