Lantern Pharma (NASDAQ: LTRN) announced the closing of its 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 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 capital raise comes as Lantern Pharma, a clinical-stage precision oncology company, leverages its proprietary RADR® platform, which uses artificial intelligence and machine learning to transform cancer therapy development. The company’s clinical pipeline includes LP-184 (acylfulvene), LP-284 (a TC-NER targeting compound for hematologic and solid tumors), and LP-300 (cisplatin/ethacraplatin analog), which is being evaluated in the HARMONIC Phase 2 trial for 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.
Beyond its pipeline, Lantern is creating a new revenue stream with its multi-agentic AI co-scientist platform, withZeta.ai, now commercially available as a subscription-based research platform for the global biomedical and drug development community. The company operates an AI Center of Excellence in Bengaluru, India, and is headquartered in Dallas, Texas.
The offering strengthens Lantern’s financial position to support its ongoing clinical trials and the commercialization of its AI platform. For investors, the successful closing and potential warrant exercise reflect confidence in Lantern’s approach to precision oncology. The funds will likely accelerate development timelines for its drug candidates and expand the reach of withZeta.ai, potentially impacting the broader drug development industry by providing AI-driven insights.
For more details, the full press release is available at https://ibn.fm/Oh6jI. Updates on LTRN are posted in the company’s newsroom at https://ibn.fm/LTRN.
