Local clinical state biotechnology company Lantern Pharma Inc. announced its initial public offering this week. The company is offering 1,750,000 shares of common stock priced at $15 per share, and looks to raise $26,250,000.
Lantern uses artificial intelligence machine learning as well as genomic data to make the development of new drugs more efficient and to identify patients who will benefit from its targeted oncology therapies.
Lantern is an alumnus of healthcare accelerator Healthcare Wildcatters, and raised nearly $1 million months after finishing the program.
“We are one of those companies that wants to implement personalized medicine for cancer patients,” former Lantern CEO Arun Asaithambi told The Dallas Morning News in 2015. “That’s where the industry is going.”
Health Wildcatters co-founder Green Park & Golf’s Dr. Clay Heighten told DMN Lantern Pharma is “leading a wave of innovation in cancer treatment that we believe will bring the best therapies to patients who are most likely to respond.”
The stock is set to begin trading on the Nasdaq Capital Market on June 12 if enough money is raised, and its symbol will be LTRN.
