Lantern Pharma (NASDAQ: LTRN) has closed a 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, which could generate up to approximately $4.85 million in additional gross proceeds if fully exercised. The full press release is available at https://ibn.fm/Oh6jI.
Lantern Pharma is a clinical-stage precision oncology company that leverages artificial intelligence, machine learning, and its proprietary RADR platform to transform the development of cancer therapies. Its clinical pipeline includes LP-184 (acylfulvene), LP-284 (a TC-NER targeting compound in hematologic and solid tumors), and LP-300 (cisplatin/ethacraplatin analog), which is being evaluated in the HARMONIC Phase 2 trial in 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.
Additionally, Lantern has commercially launched withZeta.ai, a multi-agentic AI co-scientist platform now available as a subscription-based research platform for the global biomedical and drug development community. This represents a new revenue stream for the company. Lantern operates an AI Center of Excellence in Bengaluru, India and is headquartered in Dallas, Texas. More information on the company is available in its newsroom at https://ibn.fm/LTRN.
The capital raised through this offering is expected to support the advancement of Lantern’s pipeline and AI platform, which are focused on improving the efficiency and success rate of cancer drug development. By using AI to identify patient populations most likely to respond to its therapies, Lantern aims to reduce the time and cost associated with clinical trials. The company’s approach addresses a critical need in oncology, where many promising drugs fail due to lack of efficacy in unselected patient populations.
The offering and private placement underscore investor confidence in Lantern’s strategy and technology. The additional warrants, if exercised, would provide further capital to fuel the company’s research and development efforts. Lantern Pharma continues to position itself at the intersection of AI and oncology, a rapidly growing field that has the potential to revolutionize cancer treatment.
