PDS Biotechnology Corporation announced the initial closing of a private investment in public equity (PIPE) transaction on September 14, 2026, with gross proceeds of approximately $11.3 million. The offering was led by Nant Capital, LLC and included participation from current investors. The company issued an aggregate of 16,502,870 shares of common stock, 23,498,156 pre-funded warrants, and 20,000,514 common warrants during this initial closing.
In connection with the transaction, the company’s board of directors was expanded from six to eight members. Dr. Patrick Soon-Shiong and Mr. James Banaag were appointed as directors to fill vacancies created by the expansion. Dr. Soon-Shiong, age 74, is the founder of ImmunityBio and NantWorks, and Mr. Banaag, age 59, serves as Senior Vice President Finance and Chief Financial Officer for NantBio, Inc. Both appointments were effective as of the initial closing.
The PIPE includes a contingent milestone closing. Upon the submission of a registrational Phase 3 clinical trial protocol for PDS0301 designed in collaboration with Nant to the FDA, Nant Capital and AB Group Ltd. will be obligated to purchase an additional $10.0 million and $1.0 million in securities, respectively.
The company intends to use the net proceeds from the private placement to repay outstanding indebtedness and for working capital and general corporate purposes. The board also determined that Dr. Ilian Iliev qualifies as an independent director under Nasdaq listing standards.
