Lantern Pharma (NASDAQ: LTRN), a clinical-stage biopharmaceutical company leveraging artificial intelligence to transform oncology drug development, announced a definitive agreement for a registered direct offering expected to raise approximately $4 million in gross proceeds. The company will sell 3,669,725 shares of common stock, or pre-funded warrants in lieu thereof, at $1.09 per share. In a concurrent private placement, Lantern will issue unregistered warrants to purchase up to 3,669,725 additional shares at an exercise price of $1.09 per share, potentially generating another $4 million in gross proceeds if fully exercised for cash. The offering is expected to close on or about September 30, 2026, subject to customary closing conditions, with Rodman & Renshaw LLC acting as exclusive placement agent. Lantern Pharma intends to use the net proceeds for working capital and other general corporate purposes.
The significance of this financing lies in its support of Lantern’s proprietary RADR artificial intelligence and machine-learning platform, which integrates large-scale genomic and biological data to identify patients most likely to benefit from its therapies and to guide biomarker-driven clinical development. The company’s pipeline includes LP-184 (zirdafulven), LP-300, and LP-284, along with its central-nervous-system-focused subsidiary, Starlight Therapeutics, and its AI subsidiary, Open-Medicine AI. By bolstering its cash position, Lantern aims to continue advancing these programs, potentially accelerating the pace and precision of oncology drug development while reducing costs.
The unregistered warrants will become exercisable subject to stockholder approval and will expire five years following that approval. This structure aligns the interests of new investors with existing shareholders, as the additional capital is contingent on future performance and approval. The offering comes at a time when AI-driven drug discovery is gaining traction, and Lantern’s RADR platform positions it among companies seeking to disrupt traditional oncology research. For more details on the offering, see the full press release at https://ibn.fm/PCJbt. The latest news and updates relating to LTRN are available in the company’s newsroom at https://ibn.fm/LTRN.
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