Fate Therapeutics (NASDAQ:FATE) inks a private deal with accredited investors for the direct placement of 2,819,549 shares of non-voting Class A Preferred Stock at $13.30. Each Preferred Shares in convertible into five shares of common stock under certain conditions. Other investors have agreed to purchase 7,236,837 shares of common stock at $2.66. Closing date is November 23.
Thinly traded nano cap Fate Therapeutics (NASDAQ:FATE) is ahead 18% premarket on increased volume in response to its announcement that the FDA has designated lead product candidate, Phase 1/2-stage ProTmune, for Fast Track review for the reduction of incidence and severity of acute graft-versus-host disease (GvHD) in patients undergoing allogeneic hematopoietic cell transplantation (HCT).
Fast Track status provides for more frequent interactions with the FDA review team and a rolling review of the New Drug Application (NDA).
ProTmune is a programmed cellular immunotherapy that is designed for use as an allogeneic hematopoietic cell source for HCT. It is produced by modulating mobilized peripheral blood with two small molecules to enhance the biological properties and therapeutic function of immune cells. There are currently no approved therapies for the prevention of GvHD in patients undergoing allogeneic HCT.
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