CHAPEL HILL, NC – Heat Biologics’ latest equity round – $5 million – goes toward clinical trials, both for lung-cancer and bladder-cancer treatments. But more cash could go into the coffers soon, as the total offering amount is listed as “indefinite” in a securities filing.
While CEO Jeff Wolf couldn’t get too specific, he did say that the newly netted financing would get Heat “pretty far” in terms of development.
“It should enable us to get where we need to get,” Wolf says.
The first sale in this latest round happened March 25, and about 20 investors participated.
All in all, the company has nabbed about $8 million in equity financing.
Wolf and team are working with a platform that they hope will eliminate the need for chemotherapy. Chemotherapy aims to kill the cancer cells, but due to its toxic nature, kills healthy cells, making people sick in the process. Wolf’s technology aims to trigger a patient’s own immunity, helping it recognize and attack just the cancer cells so that patients can be treated and avoid chemotherapy side effects.
Heat, which has seven employees, was founded in 2008 in Miami.