TapImmune (OTC:TPIV) announced today the closing of a $1.16M funding. As I write, shares of TapImmune are up 3 percent at $0.17 per share on light volume of 9,000 shares. The company has a market cap of $6.8 million.On February 24, 2011, TapImmune entered into a securities purchase agreement with accredited investors in the amount of $1,159,413. A portion of the net proceeds of the financing was used to prepay some outstanding notes and to purchase and retire 11,200,000 warrants to purchase shares of common stock. The remainder will be used for general corporate matters and for other expenses related to the company’s clinical programs and partnerships. Full details of the transaction can found in the company’s 8K filed with the SEC today.
“We are pleased to be able to retire such a large portion of the outstanding registered warrants issued last May. We believe this will remove a significant overhang from our capital structure and enable us to consummate longer term financing opportunities as we start our clinical programs," said Denis Corin, TapImmune's CFO.
TapImmune's approach is designed to increase the efficacy of vaccines by enhancing antigen presentation through the use of the Transporter of Antigen Processing ('TAP'). Replacement of this transporter provides a significant immune response with the potential to treat a variety of cancers which lack normal amounts of TAP.
For more information, please visit TapImmune’s website www.tapimmune.com.
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