Lantern Pharma (NASDAQ: LTRN), a clinical-stage, AI-native biopharma company that uses artificial intelligence and genomic data to develop precision oncology therapies, announced the closing of a previously announced registered direct offering of 3,669,725 shares of common stock, or pre-funded warrants in lieu thereof, at $1.09 per share. The offering generated approximately $4 million in gross proceeds before fees and expenses. In a concurrent private placement, Lantern issued unregistered warrants to purchase up to 3,669,725 shares at an exercise price of $1.09 per share, potentially providing an additional approximately $4 million in gross proceeds if fully exercised for cash. The company intends to use the net proceeds for working capital and other general corporate purposes. Rodman & Renshaw LLC acted as exclusive placement agent for the offering.
The capital infusion matters because it strengthens Lantern’s balance sheet as it advances its pipeline of precision oncology therapies. Lantern’s proprietary RADR artificial intelligence and machine-learning platform is designed to transform the cost, pace, and precision of oncology drug development. By integrating large-scale genomic and biological data with advanced machine learning, RADR aims to identify patients most likely to benefit from Lantern’s 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.
The offering, while modest in size, provides Lantern with near-term funding to continue its research and development efforts without immediately relying on more dilutive financing. The potential additional $4 million from warrant exercises could extend the company’s runway if the warrants are exercised, though that is not guaranteed. For investors, the news signals that Lantern can access capital markets despite challenging conditions for clinical-stage biotechs. The involvement of Rodman & Renshaw as exclusive placement agent suggests institutional interest in the company’s AI-driven approach to drug development.
Lantern’s focus on AI and genomics places it within a growing sector of biopharma companies seeking to reduce the time and cost of bringing new cancer drugs to market. The RADR platform is central to this strategy, and the proceeds will support ongoing clinical programs. The company’s newsroom, available at https://nnw.fm/LTRN, provides updates on LTRN. The full press release can be viewed at https://nnw.fm/a9u8A.
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