IO Biotech, Inc. announced that it has entered into a definitive securities purchase agreement for a private placement of 37,065,647 shares of the company?s common stock and accompanying warrants at a combined purchase price of $2.025 per share and accompanying warrant for the gross proceeds of $75,057,935 on August 7, 2023. The transaction included participation from new investors Lundbeckfonden BioCapital, Kurma Growth Opportunities Fund managed by Kurma Partners SA, Vivo Capital, LLC, Armistice Capital, LLC, Marshall Wace LLP, Samsara BioCapital LLC, Novo Holdings A/S, Stonepine Capital Management LLC, PFM Health Sciences, LP, HBM Healthcare Investments (Cayman) Ltd., Pivotal Life Sciences, Sunstone Life Science Ventures A/S, Logos Capital Management, LLC, Altamont Pharma Acquisition Corp., Red Hook Fund LP and others. Members of the company?s management team also participated in this transaction.

Each accompanying warrant will represent the right to purchase one share of the company?s common stock at an exercise price of $2.47 per share. The warrants will be exercisable for a period of three years and six months following the date of issuance. The securities have not been registered under the Securities Act of 1933, as amended or applicable state securities laws.