Heat Biologics Suspends Planned Public Offering

Heat Biologics, Inc.

revealed that it suspended the proposed public offering of shares of its common stock announced earlier on July 21. According to the company, its leadership team decided to explore alternative options presented to it following the suspension of the public issue. Heat Biologics said that it had cash, cash equivalents and short-term investments of about $11.8 million at the end of March. The company added that it continued to expect to achieve near-term clinical milestones for its two product candidates with its current cash on-hand. The company said that the topline data for both clinical programs, including its lead Phase 2 HS-410 non-muscle invasive bladder cancer program, are expected in the fourth quarter of the current year. Following this, shares of the company traded down by 9.5 percent at the time of writing this on Friday.