Tharimmune Secures $2.08M in Private Placement

Tharimmune, Inc. (NASDAQ:THAR), a clinical-stage biotechnology company focused on developing therapeutic candidates for inflammation and immunology, announced a new securities purchase agreement on June 20, 2024. Under this agreement, the company plans to sell a total of 659,545 shares of its common stock, or equivalent securities, along with warrants to purchase up to 329,771 additional shares. Each share and accompanying warrant are priced at $3.16, and the warrants will be exercisable at a price of $3.09 per share, starting six months after issuance and expiring five and a half years later. The closing of this offering is anticipated around June 21, 2024, contingent upon customary closing conditions.

President Street Global has been appointed as the exclusive placement agent for this offering. The financing is spearheaded by SDS Capital Group, with participation from Gravitas Capital and other private investors in the biotechnology sector. The gross proceeds from this private placement are expected to be approximately $2.08 million, prior to deducting any associated fees and expenses. Tharimmune intends to allocate these net proceeds towards clinical development and working capital, particularly supporting its TH104 development program.

The securities involved will be offered under a private placement in accordance with Section 4(a)(2) of the Securities Act of 1933, and the shares of common stock underlying the warrants have not been registered under this act or related state securities laws. As such, these securities, including the shares underlying the warrants, cannot be offered or sold in the U.S. unless through an effective registration statement or an applicable exemption from registration requirements. Tharimmune has committed to filing a resale registration statement for these securities.

TH104 is Tharimmune's leading candidate, designed for the treatment of chronic pruritus in primary biliary cholangitis. This candidate features nalmefene embedded in a proprietary transmucosal buccal film that adheres to the mouth's interior. Its design leverages a dual mechanism of action, affecting both µ-opioid and kappa opioid receptors, which are key players in the body's itch circuitry. This makes TH104 a promising candidate for treating liver-related and other pruritogenic inflammatory conditions.

Tharimmune is a clinical-stage biotechnology company focusing on developing therapeutic candidates for inflammation and immunology. Besides TH104, which has shown potential in alleviating chronic pruritus in primary biliary cholangitis, the company's early-stage immunology pipeline includes novel multi-specific antibodies. These antibodies target unique epitopes with new mechanisms of action against validated targets in multiple solid tumors, such as PD-1, HER2, and HER3. Tharimmune holds a licensing agreement with OmniAb, Inc. to access advanced antibody discovery technology for these targets and others.

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