Molecular Templates Announces Up to $40M Private Placement Offering
Portfolio Pulse from Benzinga Newsdesk
Molecular Templates, Inc. (NASDAQ:MTEM) has announced a definitive securities purchase agreement with certain healthcare investors, providing up to $40 million in gross proceeds through a private placement in two tranches. The financing is led by BVF Partners LP and includes BB Biotech AG and Adage Capital Management. The initial tranche of $20 million is expected to close on July 17, 2023.
July 13, 2023 | 12:16 pm
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Molecular Templates, Inc. has secured a private placement of up to $40 million, which could provide a significant financial boost to the company. The initial tranche of $20 million is expected to close on July 17, 2023.
The news of the private placement could have a positive impact on MTEM's stock price in the short term as it indicates a strong financial backing and potential for growth. The closing of the initial tranche could also serve as a positive catalyst.
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