TC BioPharm Announces Exercise Of Warrants For £3.1 Million Gross Proceeds
Portfolio Pulse from Benzinga Newsdesk
TC BioPharm (NASDAQ:TCBP), a biotech firm, announced the exercise of warrants for £3.1 million in gross proceeds to fund an Acute Myeloid Leukemia trial and other expenses. The warrants allow the purchase of 1,750,000 ADSs at £1.5814 each. New warrants will also be issued, exercisable for 3,500,000 shares at £1.175 per ADS. H.C. Wainwright & Co. serves as the placement agent, with the offering expected to close by May 8, 2024.
May 06, 2024 | 5:03 pm
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TC BioPharm announces a significant funding exercise through warrants, aiming to support an upcoming clinical trial and operational expenses.
The exercise of warrants for TC BioPharm represents a positive financial development, providing necessary funds for critical clinical trials and operational needs. This influx of capital is likely to be viewed positively by investors, as it supports the company's ongoing research and development efforts, particularly in the promising area of cancer therapy. The direct financial benefit and the strategic use of proceeds for a clinical trial focusing on Acute Myeloid Leukemia suggest a potential positive impact on the company's stock price in the short term.
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