Xenetic Biosciences, Inc. (NASDAQ: XBIO) plummeted in the early morning trading session following, a biopharmaceutical corporation focused on the development of XCARTTM, a customized CAR T technology platform designed to target neoantigens unique to patients and tumors, recently announced that it has entered into a stock purchasing agreement with many retail and approved investors to purchase and sell 2,448,980 shares of the Company. Before deducting placement agent commissions and other offering costs incurred by Xenetic, the offering is expected to result in gross proceeds to Xenetic of approximately $6.0 million.
The Corporation plans to use the gross profits of this sale for general corporate purposes, working capital, and the creation of the Company’s differentiated, patented approach to customized CAR T therapy for the treatment of various forms of B-cell Non-Hodgkin lymphomas for the advancement of the XCARTTM platform.
Xenetic Biosciences (XBIO) dipped -17.35% to reach $2.63 in the Pre-market session.
