Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage precision oncology company, has closed a registered direct offering that raised approximately $4.4 million in gross proceeds. The company sold 2,135,923 shares of common stock, or pre-funded warrants in lieu thereof, at $2.06 per share. In a concurrent private placement, Lantern issued unregistered warrants to purchase up to 2,135,923 additional shares at an exercise price of $2.27 per share, which could yield up to approximately $4.85 million if fully exercised.
The capital infusion is important for Lantern as it supports the development of its clinical pipeline, which includes LP-184 (acylfulvene), LP-284 (a TC-NER targeting compound for hematologic and solid tumors), and LP-300, a cisplatin/ethacraplatin analog being evaluated in the HARMONIC Phase 2 trial for never-smoker patients with relapsed advanced lung adenocarcinoma following TKI treatment. Additionally, LP-184 is being developed for pediatric CNS cancers through Starlight Therapeutics, Lantern’s wholly owned CNS-focused subsidiary.
Beyond its clinical programs, Lantern has made strides in commercializing its artificial intelligence capabilities. The company’s Zeta.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, representing a new revenue stream. This offering underscores Lantern’s commitment to leveraging AI and machine learning, particularly through its proprietary RADR platform, to transform cancer therapy development.
The announcement is significant for investors as it provides Lantern with additional capital to advance its pipeline and expand its AI-driven initiatives. The warrants offer potential for further funding, and the commercial launch of Zeta.ai could diversify the company’s revenue sources. For more details, the full press release can be accessed at https://ibn.fm/Oh6jI.
Lantern Pharma is headquartered in Dallas, Texas, and operates an AI Center of Excellence in Bengaluru, India. The company’s focus on precision oncology and AI positions it at the intersection of two rapidly evolving fields, potentially offering novel treatment options for cancer patients. The successful closing of this offering provides the financial resources to continue its research and development efforts.
For ongoing updates, investors can visit the company’s newsroom at https://ibn.fm/LTRN. This news was disseminated by AINewsWire, a specialized communications platform focused on artificial intelligence advancements, part of the Dynamic Brand Portfolio @IBN that provides access to a vast network of wire solutions and editorial syndication to over 5,000 outlets.
