PDS Biotech closes first tranche of PIPE, adds Soon-Shiong to board

PDS Biotechnology Corporation announced on September 14, 2026 the initial closing of its previously disclosed private placement financing. The company announced the initial closing of its Private Investment in Public Equity transaction, a round led by Nant Capital, LLC with additional participation by current investors.¹

The initial closing generated aggregate gross proceeds of approximately $11.3 million, through the issuance of 16,502,870 Private Placement Shares, 23,498,156 Pre-Funded Warrants and 20,000,514 Common Warrants.¹ A second, contingent closing remains outstanding. That milestone closing will occur once the company submits a registrational Phase 3 clinical trial protocol for PDS0301, developed jointly with Nant, to the FDA, at which point Nant and AB Group Ltd. would be required to purchase an additional $10,000,000 and $1,000,000 of securities, respectively.¹

Separately, the company gave NantWorks, LLC, an affiliate of Nant, a one-year option to negotiate for an exclusive license to PDS0101, its HPV-targeted immunotherapy candidate.¹

Dr. Patrick Soon-Shiong and Mr. James Banaag, currently chief financial officer of NantBio, Inc., joined the company's board of directors effective at the initial closing.¹ The board determined that neither new director qualifies as independent under Nasdaq listing standards given their ties to Nant and its affiliates.¹

Separately, the company retired existing debt. On September 14, 2026, the company redeemed in full a $6,000,000 promissory note held by YA II PN, Ltd., which carried a 10% annual interest rate and a June 2027 maturity, paying about $4.6 million in principal and accrued interest.¹ No early termination penalties applied.¹

Proceeds from the PIPE are intended to repay debt and fund working capital, general corporate purposes, clinical development, research and administrative expenses.¹