Maxpro Capital (NASDAQ:JMAC) announced in an 8-K this morning that it has entered into a PIPE agreements adding $23.65 million to its combination with drug developer Apollomics.
Of these, $21.35 million was raised at $10 per share as “Series A preferred shares”. These will be convertible into 1.25 common shares each and will be locked up for six months. An additional $2.3 million PIPE was raised at $10 per share without these benefits, but these shares are to come with a 1/4 warrant attached that may be exercised between six months and five years out from close.
The parties originally announced their $932 million deal in September 2022. Foster City, California-based Apollomics is developing a line of drug candidates to treat rare cancers with clinical processes nearing completion in both the US and Chinese treatment markets.
In November, it received an orphan drug designation for its APL-101 drug candidate, which is in Phase II trials to potentially treat non-small cell lung cancer and other cancer types.
Maxpro has a transaction deadline coming up on April 13 and it has already used its two automatic extensions.
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