NEW YORK, June 24, 2015 /PRNewswire/ -- TapImmune Inc. (OTCBB: TPIV) a clinical-stage immunotherapy company engaged in the development of peptide, gene-based immunotherapeutics and vaccines for the treatment of oncology and infectious disease, recently announced that its largest shareholder, Eastern Capital Limited, converted $2.5 million equivalent of warrants with immediate infusion into the company's balance sheet. The cash will be used to begin Phase II trials in the upcoming year. In addition, Eastern Capital still holds warrants which if fully exercised could result in an additional $15 million in proceeds to the Company. As part of the previously announced warrant reset strategy, other institutional holders hold warrants which if exercised could provide additional significant funding to the Company in the near-term.
Management has employed a strategy intended to rebuild its balance sheet and was successful. Investor surely thought the same by rewarding the company with significant volume and price appreciation.
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SOURCE BrokerBank Securities, Inc.
