According to press reports, Heat Biologics has raised $5 million that it will use to continue evaluating HS-110® in Phase II clinical trials as a treatment for non-small cell lung cancer and to initiate additional clinical trials for a bladder cancer treatment later in 2013. The Chapel Hill, North Carolina-based biotech’s securities filings indicate that the funding is a mix of equity and options, warrants and rights to acquire other securities. A total of 20 investors evidently participated in the offering.
The company has developed a proprietary technology it calls Immune Pan- Antigen Cytotoxic Therapy®—or ImPACT—which purportedly reprograms live tumor cells to continually produce antigens designed to prompt the immune system to fight disease. Heat Biologics reportedly said that it intends to use ImPACT to make off-the shelf vaccines for a general patient population rather than personalized drug therapies that are patient specific. See Heat Biologic News Release, March 15, 2013; WralTechWire.com, April 10, 2013.