MiNK Therapeutics Announces $5.8 Million Private Placement and Appointment of Board Observer

• Financing of $5.8 Million at a 25% premium will help advance the clinical development of MiNK-215, an armored-FAP-CAR-iNKT
• GKCC, LLC joins as a new investor with Katie Chudnovsky appointed as a Board Observer

NEW YORK, May 13, 2024 (GLOBE NEWSWIRE) -- MiNK Therapeutics, Inc. (NASDAQ: INKT), a clinical-stage biopharmaceutical company pioneering the discovery, development, and commercialization of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases, today announced that it has entered into a stock purchase agreement to sell securities in a private placement financing (PIPE) for $5.8 million. This capital injection is earmarked for accelerating the clinical trials of MiNK-215, our leading allogeneic CAR-iNKT cell therapy targeting fibroblast activation protein (FAP) in solid tumors, which is planned to enter the clinic in early 2025.

“This funding will help advance our unique armored iNKT therapy MiNK-215,” said Dr. Jennifer Buell, President and Chief Executive Officer at MiNK. “MiNK-215 is a novel cell therapeutic with the potential to overcome the limitations of traditional immune checkpoint inhibitors in solid tumors. Recent data highlighted MiNK-215’s activity to eradicate tumor cells in a model of MSS colorectal cancer with metastatic liver disease, a critical and growing area of unmet need. We are excited to partner with GKCC and committed to advancing our mission of reshaping the cell therapy landscape."

In the PIPE, MiNK is selling 4,640,000 shares of its common stock at a price of $1.25 per share, a 25% premium. The PIPE is expected to close on May 14, 2024, subject to customary closing conditions.

In addition, MiNK is pleased to announce the appointment of Yekaterina (“Katie”) Chudnovsky as Board Observer. An accomplished attorney and venture investor, Ms. Chudnovsky brings a wealth of experience as a dedicated patient advocate and supporter of medical research. She currently serves as the Chairperson of the GI Research Foundation (GIRF) at the University of Chicago Digestive Diseases Center, a role preceded by her 12-year tenure as President and Board Member. Additionally, Ms. Chudnovsky serves on the boards of Elicio Therapeutics, Immix Biopharma, XCures, and the Colorectal Cancer Alliance. She earned her BA from Northwestern University and a JD from DePaul University.