Tharimmune, Inc. (Nasdaq:THAR) ("Tharimmune" or the "Company"), a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory, and oncologic conditions, today announced the closing of its previously announced public offering of an aggregate of 11,000,000 shares of its common stock (or pre-funded warrants ("Pre-Funded Warrants") in lieu thereof), including the partial exercise of the underwriter's over-allotment option. Each share of common stock (or Pre-Funded Warrant) was sold at a public offering price of $1.00 per share (inclusive of the Pre-Funded Warrant exercise price). All of the shares and Pre-Funded Warrants in the offering were sold by the Company. Total gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $11 million. The Company has granted the underwriters a 45-day option to purchase up to 1,500,000 additional shares of its common stock and/or Pre-Funded Warrants at the public offering price less the underwriting discount, which the underwriter has partially exercised to purchase 1,000,000 Pre-Funded Warrants at the closing.
ThinkEquity acted as the sole book-running manager for the offering.
The Company intends to use the net proceeds for the advancement of TH104's phase 2 trial expected in 2024, as well as for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds to in-license, acquire, or invest in complementary businesses, technologies or products, however, the Company has no current commitments or obligations to do so.
The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-275350) and declared effective by the Securities and Exchange Commission (the "SEC") on November 27, 2023. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. Electronic copies of the final prospectus may be obtained on the SEC's website at http://www.sec.gov and may also be obtained by contacting ThinkEquity at 17 State St., 41st Floor, New York, NY 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation orsale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Tharimmune, Inc.
Tharimmune, Inc. is a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for rare, inflammatory, and oncologic diseases. The Company has acquired an exclusive worldwide license for a clinical-stage asset, known to suppress chronic, debilitating pruritis or "uncontrollable itching" in PBC, a rare and orphan liver disease with no known cure. The Company's early-stage immuno-oncology pipeline includes novel multi-specific antibodies targeting unique epitopes with novel mechanisms of action against well-known, validated targets in multiple solid tumors. Tharimmune has a license agreement with OmniAb, Inc. to access the company's antibody discovery technology platform against specified targets.
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