Lantern Pharma Inc. (NASDAQ: LTRN) announced the closing of a registered direct offering, raising approximately $4.4 million in gross proceeds. The offering involved the sale of 2,135,923 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $2.06 per share. In a concurrent private placement, the company issued unregistered warrants to purchase up to 2,135,923 additional shares at an exercise price of $2.27 per share. If fully exercised, these warrants could generate up to approximately $4.85 million in additional gross proceeds, bolstering Lantern's financial resources for its clinical programs and AI initiatives.
Lantern Pharma is a clinical-stage precision oncology company that leverages artificial intelligence, machine learning, and its proprietary RADR® platform to transform cancer therapy development. The company's pipeline includes LP-184 (acylfulvene), LP-284 (a TC-NER targeting compound for hematologic and solid tumors), and LP-300 (cisplatin/ethacraplatin analog), which is being evaluated in the HARMONIC Phase 2 trial for 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.
Beyond its pipeline, Lantern has made strides in commercializing its AI capabilities. The company's withZeta.ai platform, a multi-agentic AI co-scientist, is now available as a subscription-based research platform for the global biomedical and drug development community. This move creates a new revenue stream for Lantern, diversifying its business model beyond internal 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 with additional capital to advance its clinical trials and expand the reach of its AI platform. The potential exercise of warrants could further strengthen its balance sheet, enabling continued investment in precision oncology and AI-driven drug discovery. For investors, this development signals Lantern's commitment to leveraging cutting-edge technology to address unmet medical needs in oncology while also pursuing commercial opportunities in the AI space.
For more information on Lantern Pharma, visit the company's newsroom at https://ibn.fm/LTRN. To view the full press release, see https://ibn.fm/Oh6jI.
