Durham-based Heat Biologics Seeks to Raise $11.2 Million in Stock Offering


Drug development company Heat Biologics Inc. wants to sell 12 million shares to its existing shareholders to raise money for clinical trials and its business operations, according to a filing Tuesday with the Securities and Exchange Commission.

At its maximum, the stock sale would raise $11.2 million.

The biopharmaceutical company estimates net proceeds from this rights offering to be approximately $8.1 million, after expenses of nearly $900,000.

The rights offering will expire if not exercised by 5 p.m. EST on Nov. 8.

Heat Biologics develops drugs designed to activate a patient’s immune system against cancer.

The Durham-based company designs off-the-shelf ImPACT therapeutic vaccines that combat various cancers and infectious diseases.

Heat is currently conducting a separate clinical trial working to treat non-muscle invasive bladder cancer.

Heat Biologics shares dropped 4.53 percent, closing at 71.6 cents for the day.

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