Today before the opening bell, Actinium Pharmaceuticals reported that it had closed its final tranche of approximately $3,310,860. That brought the company's total gross proceeds to $6,636,720 million from the private placement of common stock and warrants to new and existing accredited investors. In addition, the total offering amount of the company's securities sold to investors underwent an increase to $6,636,700 from $6,600,000 to cover overallotments.
The primary use of these proceeds will be used to fund further development of Iomab TM-B and Actimab-A. In the words of the company, Iomab TM-B is a "bone marrow conditioning agent for preparing patients for hematopoietic stem cell transplantation" in Phase 3 clinical development, and Actimab-A is the company's "lead drug candidate in multicenter Phase 1/2 trials in Acute Myeloid Leukemia."
"This funding gives us additional capital to prepare for the pivotal trial Phase 3 trial of Iomab TM-B as a potentially curative treatment regimen for elderly AML patients preparing for a bone marrow transplant," said Kaushik J. Dave, President and CEO of Actinium Pharmaceuticals. "In addition, we will continue the Phase 1/2 proof of concept trial of Actimab-B as an induction therapy for elderly AML. Both Iomab TM-B and Actimab-A address areas of cancer treatment where there are no FDA-approved medications."
In the offering of common stock and warrants, the company sold around 1,106,120 shares of common stock at $6.00 per share and issued 276,529 five-year warrants that are actionable at $9.00 per share. A FINRA-registered broker dealer, Laidlaw & Co. (NASDAQ:UK) Ltd. served as the offering's exclusive placement agent.
For more information about Actinium Pharmaceuticals, visit: actiniumpharmaceuticals.com
MissionIR provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.missionir.com