DURHAM — Heat Biologics Inc., a Durham-based biopharmaceutical company, is raising $12 million by selling stock and warrants, according to a filing with the Securities and Exchange Commission.

Heat Biologics

The underwritten public offering consists of 8 million shares of stock and warrants to purchase 4 million shares of stock at a combined price to the public of $1.50.

In addition, the warrants will have an exercise price of $1.65 and will expire five years from the date issued.

Heat Biologics would use the money it raised to further develop its three T-cell immunotherapies, meant to destroy a patient’s cancer by activating their own “killer” T-cells. Their front-runner drug, HS-110, is currently in phase 2 clinical trial.

“We intend to announce updates regarding interim Phase 2 data in the fourth quarter of 2018 and plan to complete patient enrollment in the second quarter of 2019,” CEO Jeff Wolf said in a statement.

Last week, Heat Biologics reported a net loss of $3.7 million, or 16 cents per share, 10 cents lower than analyst estimates polled by Nasdaq.

Heat Biologics’ stock was up 1 cent, or 0.7 percent, to $1.43 during afternoon trading on Friday.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism