NEW YORK – Acrivon Therapeutics on Tuesday said it expects to raise $130 million through an oversubscribed private investment in public equity (PIPE) financing.
The Watertown, Massachusetts-based developer of precision oncology medicines is selling 8,235,000 shares of its common stock at $8.50 per share and prefunded warrants to purchase 7,060,000 shares of common stock at $8.499 per warrant. The $8.50 per-share price represents a premium to Acrivon's closing stock price on April 8. The warrants will have an exercise price of $.001 per share of common stock and can either be immediately exercised or remain exercisable until they are exercised in full.
The private placement, expected to occur on April 11, will be led by a new, unnamed US-based healthcare and life sciences investor. Other new and existing investors will also participate in the PIPE financing including RA Capital Management, Perceptive Advisors, Paradigm BioCapital, Surveyor Capital (a Citadel company), Sands Capital, and Acorn Bioventures. Jefferies is the exclusive placement agent for Acrivon in the private placement.
Acrivon said that it expects to use the net proceeds from the placement with existing cash, cash equivalents, and investments to continue advancing its pipeline, including ACR-368, ACR-2316, and its undisclosed cell cycle regulatory program; to fund R&D to broaden applications of its AP3 platform; to leverage its proprietary data sets through artificial intelligence and machine learning; and for other general corporate purposes.
Acrivon is exploring its lead clinical asset, the CHK1/2 inhibitor ACR-368, as a treatment for ovarian, endometrial, and bladder cancer with the help of a protein biomarker signature, called OncoSignature, to identify best responders. The therapy is undergoing Phase II trials, data from which may support a registrational filing, according to the company.
The company is also developing a WEE1/PKMYTI inhibitor, ACR-2316, which is in preclinical phase, and is conducting a cell cycle regulatory program focused on an undisclosed target.
Acrivon is also using its proprietary proteomics-based patient responder identification platform, dubbed Acrivon Predictive Precision Proteomics (AP3), to identify biomarkers like OncoSignature that predict response to its drugs.
The firm expects that its current cash, cash equivalents, and investments, including the $130 million from this latest private placement, will fund its operations at least into the second half of 2026.