Molecular Templates Inc (NASDAQ: MTEM) was one of the biggest gainers at the close of the week. On Friday, the stock rallied by 17.07% to close the week at $13.03. This followed news that the company had entered into a funding agreement that would see it receive $23 million.
This comes days after the company announced that that it was pricing its public offering price of $8 per share. The series A preferred stock will be convertible into 1000 shares of its common stock. The company announced that it expects a gross of $50 million from the deal. It intends to use these funds on its phase II clinical studies for its MT-3724 project, for studies on MT-5111 which in phase I, and also for the upcoming phase 1 studies for PD-L1.
Earlier in the week, the company announced that it had entered into a partnership with Vertex Pharmaceuticals Incorporated for the development of regimens for hematopoietic stem cell transplants. According to Vertex Chief Scientific Officer David Altshuler M.D., Ph.D, Molecular Template’s unique technology will be pivotal in creating targeted conditioning that, will act as a replacement for existing chemotherapy options and improve the patient experience going into the future.
On his part, MTEM’s CEO Eric Poma stated that, Vertex is the ideal partner for expanded use of MTEM’s platforms. This, he said, is due to Vertex’s proven history in using novel technologies for new medicines. He further stated that, this collaboration will provide the capital needed to support the company’s other products.
From the charts, MTEM has been gaining consistently for the past week. In Friday’s session, the company was trading between a high of $14.05 and lows of $11.15. Volumes in the day stood at 880.06k.
About Molecular Templates Inc
Molecular Templates Inc is an oncology company. It focuses on the research and development of biologic therapies for cancer. It has its headquarters in Austin, Texas.