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Humanigen announces pricing of $72M private placement as it advances lenzilumab to treat cytokine storm in coronavirus patients

Net proceeds will be used to fund in part the pivotal Phase III trial of lenzilumab for the prevention and treatment of COVID-19-caused pneumonia

Humanigen, Inc. - Humanigen Inc announced the pricing of a private placement of about $72 million of common stock as it advances lenzilumab to prevent and treat cytokine storm in coronavirus (COVID-19) patients
The company also is planning to list on a national securities exchange in coming months

Humanigen Inc (OTCQB:HGEN), which is studying lenzilumab to prevent and treat cytokine storm in coronavirus (COVID-19) patients, announced Tuesday the pricing of a private placement of about $72 million of common stock.

The company said net proceeds from the financing will be used to fund development of its monoclonal antibody portfolio and for general corporate purposes, including the pivotal Phase III trial of lenzilumab for the prevention and treatment of COVID-19-caused pneumonia.

In addition, the money will go toward the development of Humanigen's pipeline, including ZUMA-19, the CAR-T study involving lenzilumab being conducted in collaboration with Kite Pharma/Gilead Sciences.

READ: Humanigen sees first coronavirus patient treated in Phase 3 trial of lenzilumab

"We are pleased to announce this financing that incorporates some of the most respected and knowledgeable specialized healthcare investors in the world,” said CEO Cameron Durrant in a statement.

“We appreciate our new investors' validation of Humanigen's approach to GM-CSF pathway science and its potential impact in COVID-19 patients, as well as other conditions with high unmet medical need.” 

Dr Durrant also added that the company is planning to list on a national securities exchange in the coming months.

JP Morgan Securities LLC is acting as the placement agent for the financing, which comprises a group of healthcare investors including Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), HealthCor, Valiant Capital Partners, First Light Asset Management and Ghost Tree Capital. Polsinelli PC is serving as the company's legal advisor.

Contact the author: [email protected]

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Quick facts: Humanigen, Inc.

Price: 5.43 USD

OTCMKTS:HGEN
Market: OTCQB
Market Cap: $686.03 m
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Humanigen announces 71.8 million dollars in financing

Humanigen (OTCQB: HGEN) Chairman and CEO Cameron Durant joined Steve Darling from Proactive Vancouver with news the company has secured almost 72 million dollars in financing. Durant discusses those making up that financing which is a big part of the story..

on 06/03/2020

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