MiNK Therapeutics Announces $5.8M Private Placement and Board Observer Appointment

MiNK Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on innovative cell therapies for cancer and immune-mediated diseases, has announced a significant financial milestone. The company has secured $5.8 million in a private placement financing aimed at advancing the clinical development of MiNK-215, an innovative cell therapy targeting the fibroblast activation protein (FAP) in solid tumors. This investment is expected to expedite the initiation of clinical trials for MiNK-215, scheduled to commence in early 2025.

Dr. Jennifer Buell, President and CEO of MiNK Therapeutics, expressed enthusiasm about the new funding. She highlighted the potential of MiNK-215 to address the limitations of traditional immune checkpoint inhibitors in treating solid tumors. Recent preclinical data demonstrated the therapy's ability to eliminate tumor cells in a model of MSS colorectal cancer with metastatic liver disease, which remains a critical area of unmet medical need. The partnership with GKCC, LLC, a new investor in this financing round, marks a pivotal step forward for MiNK Therapeutics.

In the private placement financing, MiNK is selling 4,640,000 shares of its common stock at a price of $1.25 per share, representing a 25% premium. The transaction is expected to close on May 14, 2024, contingent upon customary closing conditions being met.

In conjunction with the financing, MiNK also announced the appointment of Yekaterina (“Katie”) Chudnovsky as a Board Observer. Ms. Chudnovsky is a seasoned attorney and venture investor with a strong background in patient advocacy and medical research. She currently chairs the GI Research Foundation at the University of Chicago Digestive Diseases Center, following a notable 12-year tenure as its President and Board Member. Additionally, she serves on the boards of several biopharmaceutical companies, including Elicio Therapeutics, Immix Biopharma, XCures, and the Colorectal Cancer Alliance. Her educational credentials include a BA from Northwestern University and a JD from DePaul University.

MiNK Therapeutics, headquartered in New York, NY, is at the forefront of developing allogeneic invariant natural killer T (iNKT) cell therapies. The company is dedicated to creating off-the-shelf cell therapies that are scalable and reproducible, targeting both cancer and other immune-mediated diseases. MiNK’s pipeline encompasses both native and next-generation engineered iNKT programs, showcasing their commitment to innovation and advancing the field of cell therapy.

The recent financial boost and the addition of a knowledgeable Board Observer underscore MiNK Therapeutics' momentum in pioneering novel treatments for challenging medical conditions. With the planned clinical trials for MiNK-215 on the horizon, the company is poised to make significant strides in the field of cell therapy, potentially offering new hope for patients battling solid tumors.