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Acrivon Therapeutics Inc (NASDAQ:ACRV) shares are trading higher. The company on Tuesday announced $130 million in private placement financing.
What Happened: Acrivon Therapeutics has entered into a securities purchase agreement to issue and sell 8.235 million shares of its common stock at a price of $8.50 per share, as well as pre-funded warrants to purchase up to 7.06 million shares through a private investment in public equity (PIPE) financing.
The clinical stage biopharmaceutical company said it anticipates approximately $130 million in gross proceeds from the oversubscribed PIPE. The closing of the financing is expected on April 11.
“We are excited to announce this financing and thank our new and key existing investors who have shown their support for and confidence in Acrivon,” said Peter Blume-Jensen, founder, president and CEO of Acrivon Therapeutics.
“With this funding, we are well positioned to continue the advancement of our lead clinical asset, ACR-368, currently in registrational-intent Phase 2 trials, as well as our preclinical pipeline including ACR-2316, our internally-discovered, novel WEE1/PKMYT1 inhibitor and our recently declared cell cycle regulatory program with an undisclosed target.”
Acrivon expects to use the net proceeds to help fund the continued advancement of its pipeline, research and development to broaden the use and applications of its AP3 platform and to leverage its vast proprietary data sets through artificial intelligence and machine learning.
Acrivon believes its cash position will provide sufficient funding of planned operations into the second half of 2026 with flexibility to extend further.
ACRV Price Action: Acrivon shares were up 53.5% at $9.07 at the time of publication, according to Beniznga Pro.
Photo: Pexels from Pixabay.
Posted In: ACRV
