PDS Biotechnology Corporation completed the initial closing of a private investment in public equity, or PIPE (private financing by public-company investors), raising approximately $11.3 million in gross proceeds. The transaction was led by Nant Capital, LLC, with participation from existing investors, and was led by Dr. Patrick Soon-Shiong, founder of NantWorks. PDS Biotech issued 16,502,870 private placement shares, 23,498,156 pre-funded warrants and 20,000,514 common warrants. The company plans to use the net proceeds to repay debt, fund working capital and support clinical development, research and development, and general corporate expenses. A further milestone closing would require Nant and AB Group Ltd. to purchase $10 million and $1 million, respectively, after PDS Biotech submits a registrational Phase 3 protocol for PDS0301 to the FDA (U.S. drug regulator), subject to closing conditions and a 19.9% beneficial ownership limit. PDS Biotech said the financing is expected to support PDS0301, also known as PDS01ADC or NHS-IL12, toward late-stage development after interim Phase 2 data in difficult-to-treat metastatic colorectal cancer. The company also granted NantWorks, LLC a one-year exclusive right to negotiate an exclusive license for PDS0101. Dr. Soon-Shiong and James Banaag joined PDS Biotech’s board effective at the initial closing.