TapImmune amends terms of warrants sold in January, March offerings

Strike price of some has been reduced; some get later expiration date

By Devika Patel

Knoxville, Tenn., June 3 – TapImmune Inc. revised the terms of the warrants it sold in January and March sales on May 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The warrants were sold in a Jan. 13 registered direct placement of units and a March 9 public offering of units.

The Jan. 13 units each consisted of one common share, one series A warrant, one series B warrant, one series C warrant, one series D warrant and one series E warrant.

The March 9 units each consisted of one common share, one series A-1 warrant, one series B-1 warrant, one series C-1 warrant, one series D-1 warrant and one series E-1 warrant.

The exercise price of the series A and series A-1 warrants has been changed to $0.10 from $1.50 and neither series of warrants may be exercised before Nov. 28.

The exercise price of the series B and series B-1 warrants has been changed to $0.20 from $0.40; the expiration date of the series B warrants has been extended to Aug 20, 2015 from July 13, 2015 and each series B and series B-1 warrant has been replaced with two warrants.

The exercise price of the series C and series C-1 warrants has been changed to $0.50 from $1.00 and each warrant has been replaced with two warrants.

The company said in a separate press release that it amended the warrants to encourage the investors to exercise the securities, which could provide TapImmune with $4.93 million of proceeds, which would be used toward moving the company’s clinical programs into phase 2. The company said it may also call additional warrants.

The company recently announced positive phase 1 clinical data from its Folate Receptor Alpha trial in triple negative breast and ovarian cancer. The trial demonstrated the therapy was safe, well-tolerated and provided a robust immune response. Trial data are very encouraging and another data release from the Her2neu breast cancer phase 1 trial is expected shortly.

TapImmune is a Seattle-based immunotherapy company specializing in the development of innovative vaccine technologies for the treatment of cancer and infectious disease.

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