Acrivon Therapeutics Enters $130 Million PIPE Financing

April 9, 2024

DENVER, Colo., Apr 09, 2024 (247marketnews.com)- Acrivon Therapeutics, Inc. (NASDAQ:ACRV) reported entering into a securities purchase agreement to raise approximately $130 million, before deducting fees, by issuing and selling 8,235,000 shares of its common stock at a price of $8.50 per share, a premium to the closing price on April 8, 2024, and 7,060,000 pre-funded warrants shares of common stock at a purchase price of $8.499 per pre-funded warrant, through a private investment in public equity (“PIPE”) financing, to certain existing and new accredited investors.

“We are excited to announce this financing and thank our new and key existing investors who have shown their support for and confidence in Acrivon,” said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon Therapeutics. “With this funding, we are well positioned to continue the advancement of our lead clinical asset, ACR-368, currently in registrational-intent Phase 2 trials, as well as our preclinical pipeline including ACR-2316, our internally-discovered, novel WEE1/PKMYT1 inhibitor and our recently declared cell cycle regulatory program with an undisclosed target. I am particularly excited about the enthusiasm for the broad potential of Acrivon’s differentiated AP3 platform and their support for our compelling long-term strategy aiming to transform precision medicine for the benefit of patients.”

Acrivon believes that it will have sufficient funding of planned operations into the second half of 2026, from its cash, cash equivalents and investments, including the expected net PIPE proceeds.

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