Kairos Pharma, a Phase 2 biotech developing therapies for cancer, raised $6 million by offering 1.55 million shares at $4.00. The company priced the offering on Monday morning; the stock finished the day at $2.60, a decline of 35%.
The Los Angeles, CA-based company is developing lead candidate ENV 105, which it obtained from its acquisition of Enviro Therapeutics in 2021. Designed to reverse resistance to standard-of-care drugs, the ENV 105 antibody is in a Phase 2 trial for prostate cancer and a Phase 1 trial for lung cancer. The biotech is also advancing internally-developed immunotherapies, the most advanced of which is KROS 201, an autologous T cell therapy with an IND that is preparing for a Phase 1 trial in recurrent glioblastoma.
Kairos Pharma began trading on the NYSE American under the symbol KAPA. Boustead Securities acted as lead manager on the deal, alongside EF Hutton.
