Cue Biopharma, Inc. (CUE), a clinical-stage biopharmaceutical company, announced that it has entered into a securities purchase agreement with certain accredited investors for a private placement for gross proceeds of approximately $30 million and has appointed Shao-Lee Lin as the new Chief Executive Officer, President and Director.
Also, in a parallel announcement, the firm said it has entered into an exclusive license agreement with Ascendant Health Sciences Ltd. to develop, manufacture, and commercialise its lead asset Ascendant-221, a Phase 2 clinical-stage anti-IgE monoclonal antibody for the treatment of allergic diseases.
Net proceeds from the PIPE financing are expected to be used to advance the Company's clinical pipeline, including the acquisition and development of Ascendant-221, as well as working capital and other general corporate purposes.
PIPE Financing Terms
Under PIPE financing, Cue Biopharma has agreed to sell pre-funded warrants to purchase up to 2.73 million shares and accompanying warrants to purchase an aggregate of up to 1.36 million shares at the price of $11.00 per pre-funded warrant and accompanying warrant.
The exercise price of the pre-funded warrants is $0.001 per share, and that of the warrants is $11.00 per share.
The warrants are exercisable upon receipt of stockholder approval at the upcoming meeting and will expire on the fifth anniversary of the closing of the PIPE financing.The PIPE financing is expected to close on or about May 4, 2026.
Newbridge Securities Corporation is acting as placement agent for the PIPE financing.
Ascendant Health Agreement Details
Cue Biopharma develops injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient's body for autoimmune and oncology conditions.
The firm's proprietary platform is Immuno-STAT (Selective Targeting and Alteration of T cells), and CUE-401 is the firm's lead autoimmune asset.
Under the terms of the license agreement with Ascendant Health, Cue was granted global rights, excluding mainland China, Hong Kong, Macau, and Taiwan, to develop and commercialise Ascendant-221.
As consideration for the license, Cue will pay Ascendant Health a $15 million upfront license fee, followed by up to $676.5 million in additional potential payments upon achievement of various development, regulatory, and commercial milestones, and tiered royalties on future sales of Ascendant-221.
Cue Biopharma has plans to initiate a global Phase 2b trial in food allergy, following expected results in the second half of 2026 from the Ascendant Health-led Phase 2 study in chronic spontaneous urticaria.
Corporate News
Cue Biopharma named Shao-Lee Lin to succeed Lucinda Warren, Interim President and Chief Executive Officer.
Lin brings more than 25 years of leadership experience in the biopharmaceutical industry. Prior to joining Cue, Lin was the founder and Chief Executive Officer of ACELYRIN, a biotechnology company.
Earlier in her career, Lin served as Chief Scientific Officer and Head of R&D at Horizon Therapeutics, and held leadership roles at AbbVie, Gilead Sciences, and Amgen. She has contributed to the development of multiple approved medicines, including TEPEZZA, SKYRIZI, and RINVOQ.
CUE has traded between $4.98 and $30.97 over the last year. The stock closed Thursday's trade at $13.
Following the corporate updates, CUE is up 68.66% at $24.86 in the overnight market.
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Business News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.