MiNK Therapeutics, Inc. ( INKT ) shares are trading higher Monday after the clinical-stage biopharmaceutical company announced private placement financing of $5.8 million.

What Happened: On Monday, MiNK Therapeutics ( INKT ) entered into a stock purchase agreement to sell securities in a private investment in public equity (PIPE) agreement. MiNK said it will sell 4.64 million shares at a price of $1.25 per share, representing a 25% premium to current prices.

The expected total of $5.8 million in financing is earmarked for accelerating the clinical trials of MiNK-215, the company’s leading allogeneic CAR-iNKT cell therapy targeting fibroblast activation protein in solid tumors. The company said it’s planned to enter the clinic in early 2025. The PIPE financing agreement is expected to close on May 14, 2024.

“MiNK-215 is a novel cell therapeutic with the potential to overcome the limitations of traditional immune checkpoint inhibitors in solid tumors,” said MiNK CEO Dr. Jennifer Buell.

“Recent data highlighted MiNK-215’s activity to eradicate tumor cells in a model of MSS colorectal cancer with metastatic liver disease, a critical and growing area of unmet need. We are excited to partner with GKCC and committed to advancing our mission of reshaping the cell therapy landscape.”

Related Link: 12 Health Care Stocks Moving In Monday’s Pre-Market Session

MiNK also announced the appointment of Yekaterina Chudnovsky as Board Observer. Chudnovsky currently serves as the chairperson of the GI Research Foundation at the University of Chicago Digestive Diseases Center, as well as on the boards of Elicio Therapeutics, Immix Biopharma, XCures and the Colorectal Cancer Alliance.

MiNK Therapeutics ( INKT ) is scheduled to release its first-quarter earnings on Tuesday morning. Analysts are anticipating an EPS loss of 15 cents, per Benzinga Pro.

INKT Price Action: According to Benzinga Pro, MiNK Therapeutics ( INKT ) shares are up 11.1% at $1 at the time of publication.

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