DURHAM – Heat Biologics, a biopharmaceutical company developing drugs designed to activate a patient’s immune system against cancer, has closed on its previously announced underwritten public offering.

It sold 8 million shares of common stock and warrants to purchase 4 million shares of its common 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.

Meanwhile, the underwriter exercised the over-allotment option to purchase an additional 1,200,000 shares of common stock and warrants to purchase 600,000 shares of common stock. Gross proceeds to Heat from this offering are approximately $13,800,000 before deducting underwriting discounts and commissions and other estimated offering expenses

Heat Biologics has said it 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.