WATERTOWN, Mass, April 09, 2024 (GLOBE NEWSWIRE) -- Acrivon Therapeutics, Inc. ("Acrivon" or "Acrivon Therapeutics") (NASDAQ:ACRV), a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics (AP3), today announced that it has entered into a securities purchase agreement with certain existing and new accredited investors to issue and sell an aggregate of 8,235,000 shares of its common stock at a price of $8.50 per share, a premium to the closing price on April 8, 2024, and pre-funded warrants to purchase up to an aggregate of 7,060,000 shares of common stock at a purchase price of $8.499 per pre-funded warrant, through a private investment in public equity ("PIPE") financing. The pre-funded warrants will have an exercise price of $0.001 per share of common stock, be immediately exercisable and remain exercisable until exercised in full. Acrivon anticipates the gross proceeds from the oversubscribed PIPE to be approximately $130 million, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the financing is expected to occur on April 11, 2024, subject to customary closing conditions. The private placement is being led by a new US-based healthcare and life sciences investor and includes other new and key existing investors, including RA Capital Management, Perceptive Advisors, Paradigm BioCapital, Surveyor Capital (a Citadel company), Sands Capital, and Acorn Bioventures. "We are excited to announce this financing and thank our new and key existing investors who have shown their support for and confidence in Acrivon," said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon Therapeutics. "With this funding, we are well positioned to continue the advancement of our lead clinical asset, ACR-368, currently in registrational-intent Phase 2 trials, as well as our preclinical pipeline including ACR-2316, our internally-discovered, novel WEE1/PKMYT1 inhibitor and our recently declared cell cycle regulatory program with an undisclosed target. I am particularly excited about the enthusiasm for the broad potential of Acrivon's differentiated AP3 platform and their support for our compelling long-term strategy aiming to ...