Lantern Pharma Inc. (NASDAQ: LTRN) announced the closing of its registered direct offering, raising 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 also 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.
The offering strengthens Lantern's balance sheet as it advances its clinical-stage precision oncology pipeline. The company leverages its proprietary RADR platform, which uses artificial intelligence and machine learning to identify patient populations most likely to benefit from its therapies. This capital infusion is particularly timely as Lantern continues to develop its lead candidates, including LP-184 for solid tumors and pediatric CNS cancers through its wholly owned subsidiary Starlight Therapeutics, and LP-300 for never-smoker lung adenocarcinoma patients in the HARMONIC Phase 2 trial.
Beyond its clinical programs, Lantern has recently commercialized its multi-agentic AI co-scientist platform, withZeta.ai, as a subscription-based research tool for the biomedical community. This new revenue stream could provide recurring income and validate the company's AI capabilities beyond internal drug development. The company operates an AI Center of Excellence in Bengaluru, India, and is headquartered in Dallas, Texas.
The completion of this offering signals continued investor interest in Lantern's approach to precision oncology. By using AI to match drugs with specific genetic profiles, the company aims to improve trial success rates and reduce development costs. The additional capital will support ongoing clinical trials and the expansion of its AI platform, positioning Lantern to potentially accelerate timelines for its pipeline assets.
For more details on the offering, the full press release is available at https://ibn.fm/Oh6jI. Investors can stay updated on Lantern Pharma's latest news at the company's newsroom: https://ibn.fm/LTRN.
