Traws Pharma Inc. (TRAW) announced a private investment in public equity ("PIPE") financing that could bring up to $60 million, aimed at supporting its influenza program through planned human challenge trial in the United Kingdom.
The financing, completed on April 15, 2026, provides an initial $10 million in gross proceeds at closing. Shares were sold at $1.6730 each, with investors also receiving milestone-based and three-year warrants that could deliver up to $50 million in additional funding if fully exercised.
The structure includes:
-Series A warrant: up to $10.0 million upon approval from the UK's Medicines and Healthcare products Regulatory Agency (MHRA) to conduct the challenge trial.
-Series B warrant: up to $10.0 million following shareholder approval and release of trial data.
-Series C warrant: up to $30.0 million over three years, contingent on shareholder approval.
The PIPE was priced "at-the-market" under Nasdaq rules, with warrant exercise prices equal to the deal price. Cantor Fitzgerald & Co. acted as lead placement agent, while Citizens JMP Securities, LLC and Tungsten Advisors LLC served as co-placement agents.
"We are pleased to announce this financing and the support of existing and new investors," said Iain Dukes, MA, DPhil, Chief Executive Officer of Traws Pharma. "The capital from this financing positions us to advance our influenza program through a human challenge trial in the UK while preserving access to additional capital as we achieve key development milestones."
The company intends to use proceeds to support the Phase 2a trial of Tivoxavir marboxil, its investigational oral antiviral designed as a once-monthly preventive for influenza and a single-dose treatment for seasonal flu or H5N1 bird flu. Traws also continues development of Ratutrelvir, a ritonavir-independent COVID-19 therapy.
Funding is expected to close on April 16, 2026, subject to customary conditions.
TRAW has traded between $0.97 and $1.67 over the past year. The stock closed Tuesday's trading at $1.59, down 1.24%. In pre-market trading the stock is at $1.45, down 8%.
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