Therapeutics Company Secures $5.8 Private Placement For Cancer Therapy Project
MiNK Therapeutics Secures $5.8 Million in Private Placement to Fuel Cancer Therapy Development.
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MiNK Therapeutics, Inc. (NASDAQ: INKT), a company in the biopharmaceutical sector, has announced an essential milestone in its quest to revolutionize cancer treatment. With a focus on developing allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies for cancer and other immune-mediated diseases, MiNK has entered into a stock purchase agreement to raise $5.8 million through a private placement financing (PIPE). This crucial influx of capital is designated to expedite the clinical trials of MiNK-215, the company's flagship allogeneic CAR-iNKT cell therapy, targeting fibroblast activation protein (FAP) in solid tumors, with an anticipated clinic entry in early 2025.
Dr. Jennifer Buell, President and CEO of MiNK Therapeutics, expressed enthusiasm for the potential of MiNK-215 to transform the treatment landscape for solid tumors. "This funding will help advance our unique armored iNKT therapy MiNK-215,” she stated. The therapy is designed to surmount the hurdles presented by traditional immune checkpoint inhibitors in treating solid tumors. Highlighting recent data, Dr. Buell noted MiNK-215's effectiveness in eradicating tumor cells in a model of metastatic liver disease secondary to MSS colorectal cancer, addressing a critical area of unmet medical need. The private placement involves the sale of 4,640,000 shares of common stock at a price of $1.25 per share, reflecting a 25% premium. Scheduled to close on May 14, 2024, this transaction is subject to customary closing conditions. Further strengthening its leadership, MiNK also announced the appointment of Yekaterina (“Katie”) Chudnovsky as Board Observer. Bringing a robust background in law, venture investment, and patient advocacy to MiNK, Ms. Chudnovsky's current roles include Chairperson of the GI Research Foundation (GIRF) at the University of Chicago Digestive Diseases Center, board memberships at Elicio Therapeutics, Immix Biopharma, XCures, and the Colorectal Cancer Alliance, and a distinguished history of supporting medical research. Her academic credentials include a BA from Northwestern University and a JD from DePaul University. MiNK Therapeutics stands at the forefront of developing innovative therapeutic solutions for cancer and immune-mediated diseases. With a commitment to reshaping the cell therapy landscape, MiNK's strategic efforts in advancing both native and next-generation engineered iNKT programs are underscored by an integrated platform designed for scalable and reproducible manufacturing of off-the-shelf therapies.
This financial and leadership enhancement reflects MiNK's ongoing commitment to innovation and excellence in the field of biopharmaceuticals. By focusing on the development of groundbreaking treatments like MiNK-215, MiNK Therapeutics is not only addressing dire unmet medical needs but is also paving the way for new standards in the treatment of cancer and other immune-mediated diseases.
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