TapImmune Inc. Receives $1,000,000 From Strategic Investor
SEATTLE, March 10, 2015 /PRNewswire/ -- TapImmune, Inc. (OTCQB: TPIV), is pleased to announce a US$1 million investment from Eastern Capital Limited under the same terms as the recent January 12, 2015 round of financing.
"We believe immunotherapy is one of the most exciting new approaches to the treatment of multiple cancers and promising early clinical results suggest TapImmune's immunotherapies could become leading T-Cell stimulating therapeutics," said Glynn Wilson Ph.D., CEO and Chairman of TapImmune. "Our platform is designed to deliver a cost-effective, injectable therapy that stimulates the proliferation of specifically targeted, activated T-cells leading to a robust immune response supportive of the destruction of both tumor and metastatic cancer cells."
Eastern Capital Limited will receive a standard 5-year warrant that, if exercised, would provide $7.5 million in funding and callable warrants that, under certain market conditions, will provide an additional $7.0 million in capital to TapImmune. Additional warrants, exercisable only to the extent the callable warrants are exercised or called, could provide the Company with a further $10.0 million in funding. H.C. Wainwright & Co. acted as exclusive placement agent for the transaction.
"We are happy to participate in this innovative financing, improving TapImmune's access to capital, possibly for years to come. Cancer Immunotherapy is emerging as a powerhouse of biological intervention and we are impressed with TapImmune's approach and with the clinical progress made to date," said Mark VanDevelde, a Director of Eastern Capital Limited. "We are looking forward to the initiation of Phase 2 trials."
In Phase 1 over 95% of patients in both Her2neu positive breast cancer and in folate receptor alpha positive ovarian cancer demonstrated positive immune responses to TapImmune's antigens. Success in these trials has provided a strong basis for progression to Phase 2. "We plan to initiate a Phase 2 clinical trial in triple negative breast cancer in the near future," said Wilson.
Triple-negative breast cancer ("TNBC") is breast cancer that is unresponsive to standard biomarker-targeted or hormonal treatment. TNBC tumors test negative for the estrogen and progesterone receptors and positive for the HER2 receptor. Approximately 15-20% of all breast cancer patients are triple negative and there are few treatment options for these patients. In the United States approximately 40,000 women are diagnosed with TNBC each year and there are many hundreds of thousands of recovered breast cancer patients at high risk of recurrence. This indication and lack of available therapeutics make this drug an ideal candidate for Fast Track and Orphan Drug designations from the FDA and the company will be making those applications along with its Phase 2 FDA filings.
About TapImmune Inc.
TapImmune Inc. is an immunotherapy company specializing in the development of innovative technologies for the treatment of cancer, including metastases, and infectious disease. The Company's peptide or nucleic acid-based immunotherapeutics, comprise one or multiple naturally processed epitopes (NPEs) designed to comprehensively stimulate a patient's killer T-cells, helper T-cells and to restore or further augment antigen presentation using proprietary nucleic acid-based expression systems. The Company's technologies may be used as stand-alone medications or in combination with current treatments. Please visit the Company's website at www.tapimmune.com for further details.
Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements". Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. The Company assumes no obligation to update the forward-looking statements.
Glynn Wilson, Ph.D.
Chairman & CEO
Kirin M. Smith
Chief Operating Officer
Chief Communications Officer
J. Streicher Capital, LLC
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SOURCE TapImmune Inc.