Lantern Pharma Inc. (Nasdaq: LTRN) announced the closing of its registered direct offering, raising approximately $4.4 million in gross proceeds through the sale of 2,135,923 shares of common stock, or pre-funded warrants in lieu thereof, at $2.06 per share. In a concurrent private placement, the company also issued unregistered warrants to purchase up to 2,135,923 additional shares at an exercise price of $2.27 per share, which could generate up to approximately $4.85 million in additional gross proceeds if fully exercised. The full press release can be accessed at https://ibn.fm/Oh6jI.
This capital infusion comes at a critical time for Lantern Pharma, a clinical-stage precision oncology company that leverages artificial intelligence (AI) and machine learning through its proprietary RADR platform to transform the development of cancer therapies. The company’s clinical pipeline includes LP-184 (acylfulvene), LP-284 (a TC-NER targeting compound in hematologic and solid tumors), and LP-300 (cisplatin/ethacraplatin analog), which is being evaluated in the HARMONIC Phase 2 trial in never-smoker patients with relapsed advanced lung adenocarcinoma following TKI treatment. LP-184 is also being developed for pediatric CNS cancers through Starlight Therapeutics, Lantern’s wholly owned CNS-focused subsidiary.
In addition to its pipeline, Lantern has recently launched withZeta.ai, a multi-agentic AI co-scientist platform now commercially available as a subscription-based research platform for the global biomedical and drug development community. This platform represents a new revenue stream for the company, potentially diversifying its income beyond drug development. The company operates an AI Center of Excellence in Bengaluru, India and is headquartered in Dallas, Texas.
The successful closing of this offering provides Lantern Pharma with additional financial resources to advance its clinical programs and AI initiatives. The warrants, if exercised, could provide further funding to support ongoing research and development. For investors, the offering details and company updates are available in the company’s newsroom at https://ibn.fm/LTRN.
This announcement underscores the growing interest in AI-driven drug discovery and development, particularly in oncology. Lantern Pharma’s approach, combining AI with precision medicine, aims to identify and develop targeted therapies more efficiently than traditional methods. The additional capital will likely accelerate the company’s clinical trials and expand its AI platform’s commercial reach, potentially impacting the broader biotech landscape.
