Heat Biologics (HTBX) Suspends Proposed Offering of Common Stock; to Explore Alternative Options
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Heat Biologics, Inc. (“Heat”) (Nasdaq: HTBX), an immuno-oncology company developing novel therapies that activate a patient’s immune system against cancer, announced that the company has suspended the proposed public offering of shares of its common stock previously announced on July 21, 2016. Heat’s leadership team decided to suspend the proposed public offering to explore alternative options presented to the company.
As previously reported, Heat had cash, cash equivalents and short-term investments totaling approximately $11.8 million as of March 31, 2016. The company continues to expect to achieve near-term clinical milestones for its two product candidates with its current cash on-hand. Topline data for both clinical programs, including Heat’s lead Phase 2 HS-410 non-muscle invasive bladder cancer program, are expected in the fourth quarter of 2016.
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