Tempest Therapeutics Completes $8.35 Million Offering
Tempest Therapeutics, Inc. (NASDAQ: TPST), a pioneering clinical-stage biotechnology company, has successfully closed a registered direct offering and a concurrent private placement of warrants. This strategically priced offering, designed to bolster funding for their innovative cancer therapeutics, presented an opportunity to raise up to $8.35 million.
Details of the Offering
In total, the company arranged for the sale of 1,172,414 shares of common stock at a price of $3.625 per share. This movement aims to strengthen the company’s capital base, which is crucial for developing their promising pipeline of immune-mediated and tumor-targeted therapies for cancer treatment.
Usage of Proceeds
Tempest Therapeutics plans to utilize these net proceeds primarily for working capital and general corporate purposes. The total gross proceeds from the offering were approximately $4.25 million, excluding any placement agent fees and expenses. In addition, if all warrants are exercised fully, they could generate an additional $4.1 million for the company, further supporting its operational goals.
The Role of H.C. Wainwright & Co.
H.C. Wainwright & Co. played a critical role as the exclusive placement agent for this offering, demonstrating confidence in Tempest’s ambitious plans within the biotechnology sector. Their involvement underscores the interest in innovative therapies that Tempest is developing.
About Tempest Therapeutics
Tempest Therapeutics is committed to addressing a range of cancer variants through a unique pipeline that focuses on small molecule candidates designed to target tumors effectively. Their headquarters in California is a hub of activity where professionals leverage knowledge and technology to innovate in cancer treatment.
Investor Relations and Media Contacts
For investors and media inquiries, representatives at Wheelhouse Life Science Advisors are available for contact. The key contacts include:
Sylvia Wheeler
Wheelhouse Life Science Advisors
Email: swheeler@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
Email: areynolds@wheelhouselsa.com
Frequently Asked Questions
What is the purpose of the recent funding by Tempest Therapeutics?
The funding aims to support the development of their innovative pipeline of cancer treatments through working capital and corporate needs.
How much capital did Tempest Therapeutics raise?
The company raised approximately $4.25 million from the offering, with potential additional proceeds from warrant exercises up to $4.1 million.
Who acted as the placement agent for the offering?
H.C. Wainwright & Co. acted as the exclusive placement agent for Tempest Therapeutics' registered direct offering.
What type of therapies does Tempest Therapeutics focus on?
Tempest is focused on developing targeted small molecules and immune-mediated therapeutics for treating various cancer types.
Where is Tempest Therapeutics located?
Tempest Therapeutics is headquartered in California, where its innovative research is conducted.
