Tharimmune Announces $2.08M Private Placement - June 20, 2024

On June 20, 2024, Tharimmune, Inc. (NASDAQ:THAR), a clinical-stage biotechnology firm, revealed it had finalized a securities purchase agreement for the sale of 659,545 shares of its common stock and warrants to purchase up to 329,771 shares. These securities will be sold at $3.16 per share. The warrants come with an exercise price of $3.09 per share, becoming exercisable six months post-issuance and expiring five and a half years later. The transaction is anticipated to close around June 21, 2024, pending customary closing conditions.

President Street Global is the exclusive placement agent for this offering, which is spearheaded by SDS Capital Group, alongside Gravitas Capital and additional private biotech investors. The gross proceeds from this deal are projected to be approximately $2.08 million before deducting placement agent fees and other expenses, and excluding possible proceeds from warrant exercises. Tharimmune plans to allocate the net proceeds towards clinical development and working capital, including support for its TH104 development program.

These securities are being offered privately under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. Therefore, the shares and warrants are not registered under the Securities Act or state securities laws, and cannot be offered or sold in the U.S. without registration or an applicable exemption. The company has agreed to file a resale registration statement for these securities.

TH104, Tharimmune's lead candidate, is a transmucosal buccal film embedded with nalmefene, which adheres to the mouth's interior. This form makes TH104 suitable for treating various liver-related and pruritogenic inflammatory conditions. The molecule interacts with both µ-opioid and kappa opioid receptors, which are involved in the body's itch response.

Tharimmune is focused on developing treatments for inflammation and immunology, with TH104 aimed at treating chronic pruritus in primary biliary cholangitis (PBC), a rare liver disease. Their early-stage pipeline includes novel multi-specific antibodies targeting unique epitopes in solid tumors, such as PD-1, HER2, and HER3. The company has a licensing agreement with OmniAb, Inc. for access to antibody discovery technology against these targets.