TapImmune and Marker Therapeutics align findings

Marker Therapeutics, a US-based T-cell therapy developer spun out of Baylor College of Medicine, is to merge with immuno-oncology developer TapImmune on an equal basis, with the new company expected to raise $70m through a private placement.
The placement will be led by venture capital firm New Enterprise Associates with commitments from Aisling Capital, Perspective Advisors and other undisclosed new and existing investors.
It consists of 17.5 million common TapImmune shares priced at $4 each and 13.1 million warrants priced at $5 lasting five years.
Among other conditions, the funding is contingent on TapImmune and Marker Therapeutics successfully completing their merger. Each will own an equal stake in the new company.
Founded in 2015, Marker Therapeutics is progressing treatments for malignant haematological cancers based on organically-produced T-cells, a form of white blood cell integral to the immune system.
Rather than producing artificial T-cells with additional receptors and viral vectors to bolster the immune system, Marker aims for modest improvements to the patient’s own T-cells so they can fight cancer more easily.
Proceeds from the placement will sustain the merged business until the second half of 2021, allowing it to progress Marker’s T-cell therapy through multiple phase 2 clinical trials.
Cash will also fund expanded operational and clinical facilities for the new company, as well as continued clinical studies on TapImmune’s T-cell vaccine candidates.
Marker Therapeutics does not appear to have previously disclosed funding.
TapImmune has received a total of $14.8m in equity and securities, according to regulatory filings, including $3.1m raised in May 2018 and $6.2m in equity and options issued the previous year, on both occasions to undisclosed investors.
The company commenced trading on the Nasdaq Capital Market in November 2016 after previously listing on the Frankfurt Stock Exchange in 1998.