Cue raises $30M to fund clinical pipeline and Ascendant-221
Cue Biopharma raises $30M in PIPE financing at effective $11.00 per unit to fund clinical pipeline and Ascendant-221
- PIPE consists of pre-funded warrants and common stock warrants, with proceeds funding clinical programs and Ascendant-221 acquisition efforts.
- Cue Biopharma licenses Ascendant-221 anti-IgE antibody from Ascendant Health Sciences, obtaining global rights outside Greater China.
- Financial terms include $15M upfront payment and up to $676.5M in milestone-based payments.
- Agreement provides an exclusive license to Ascendant-221 plus royalties payable to Ascendant Health Sciences on global sales.
- Cue and Ascendant Health Sciences plan a global Phase 2b trial of Ascendant-221 in food allergy.
- Cue Biopharma appoints Shao-Lee Lin, M.D., Ph.D., as CEO, president and board director.
- Lin succeeds interim CEO Lucinda Warren and is tasked with leading Cue Biopharma’s next phase of growth.
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