Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced the pricing of a $6 million public offering on September 4, 2025, with the potential to raise an additional $12 million through warrant exercises. The clinical-stage company, which develops first-in-class therapies targeting tumor immune evasion and drug resistance, plans to use the proceeds to advance its oncology pipeline and support general corporate operations.
The offering includes 5,999,999 American Depositary Shares at $1.00 per share, along with short-term warrants to purchase up to 11,999,998 additional ADSs at the same exercise price. The warrants are exercisable immediately upon issuance and expire twenty-four months from the date of issuance. H.C. Wainwright & Co. served as the exclusive placement agent for the offering, which closed on September 5, 2025.
Innovative Tri-Specific Antibody Platform
Purple Biotech's lead preclinical program, CAPTN-3, represents a novel platform of conditionally activated tri-specific antibodies designed to engage both T cells and NK cells within the tumor microenvironment. The technology utilizes cleavable capping technology that confines therapeutic activity to the local tumor site, potentially increasing the therapeutic window in patients.
IM1240, the first tri-specific antibody in development from this platform, targets the 5T4 antigen, which is expressed across various solid tumors and associated with advanced disease, increased invasiveness, and poor clinical outcomes. The technology presents a novel mechanism of action by unleashing both innate and adaptive immune systems to mount an optimal anti-tumoral immune response.
Clinical Progress with CEACAM1 Inhibitor
The company's CM24 program, a humanized monoclonal antibody that blocks CEACAM1, has demonstrated promising clinical results. CEACAM1 supports tumor immune evasion and survival through multiple pathways on tumor cells, immune cells, and neutrophil extracellular traps, representing a novel target for multiple cancer indications.
Purple Biotech completed a Phase 2 study treating pancreatic ductal adenocarcinoma (PDAC) patients with CM24 in combination with the anti-PD-1 checkpoint inhibitor nivolumab and chemotherapy. The study demonstrated clear and consistent improvement across all efficacy endpoints and identified two potential serum biomarkers and other potential tissue biomarkers.
Dual-Target Small Molecule Advances
NT219, Purple Biotech's dual inhibitor small molecule, simultaneously targets IRS1/2 and STAT3 pathways. The company concluded a Phase 1 dose escalation study evaluating NT219 as monotherapy and in combination with cetuximab, demonstrating anti-tumor activity in combination with cetuximab in second-line patients with recurrent and/or metastatic squamous cell carcinoma of the head and neck (R/M SCCHN).
Building on these results, Purple Biotech initiated a Phase 2 study in collaboration with the University of Colorado to treat R/M SCCHN patients with NT219 in combination with cetuximab or pembrolizumab.
Strategic Funding for Pipeline Development
The net proceeds from the offering will support the continued development of Purple Biotech's three-pronged oncology approach targeting different aspects of tumor immune evasion and drug resistance. The company's headquarters are located in Rehovot, Israel, positioning it within a growing biotechnology hub focused on innovative cancer therapeutics.
