Estrella Immunopharma to sell 2.333M shares at $1.50 in private placement

Estrella Immunopharma (ESLA) announced that it entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in approximately $3.35M in gross proceeds. Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE financing, Estrella will issue an aggregate of 2,333,334 shares of its common stock at a price of $1.50 per share. The last reported sale price of the common stock of the Company on May 29 was $1.00 per share. Estrella intends to use the net proceeds from the PIPE to support the completion of Phase I of its STARLIGHT-1 clinical trial, evaluating EB103, a CD19-Redirected Artemis T-cell therapy, in adult patients with relapsed/refractory B-cell non-Hodgkin’s lymphoma. The closing of the private placement is subject to the satisfaction of customary closing conditions.