Compass Therapeutics Announces $80 Million Private Placement

Therapeutic compass

BOSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) — Compass Therapeutics, Inc. (Nasdaq: CMPX), (“Compass”), a clinical-stage biopharmaceutical company developing proprietary antibody-based therapies to treat cancer, announced today that it has entered into a securities purchase agreement with a select group of institutional investors to issue and sell a total of 25,000,000 d shares at an offering price of $3.21 per share via a private equity investment financing (“PIPE”). Compass expects gross proceeds from the PIPE to be approximately $80 million, before placement agent fees and other offering costs. Closing of the financing is expected to occur by November 8, 2022, subject to the satisfaction of customary closing conditions.

This private placement was led by Enavate Sciences, a portfolio company of Patient Square Capital, with participation from Janus Henderson Investors, Braidwell LP, Vivo Capital, Adage Capital Partners LP, OrbiMed, Monashee Investment Management and DAFNA Capital Management LLC, among others. As part of the PIPE, Compass has also appointed James P. Boylan, CEO of Enavate Sciences, to its board of directors.

“We are very pleased with the support of this high-quality group of investors as we continue to advance our portfolio of antibody treatments for oncology,” said Thomas Schuetz, MD, PhD, Chief Executive Officer and Co-Founder. from Compass. “With this funding, we are well positioned to execute our development plans and achieve important clinical and regulatory milestones over the next three years.”

Compass plans to use the net proceeds from the PIPE, along with existing cash and cash equivalents, to fund clinical development of CTX-009, CTX-471, CTX-8371, preclinical development of other programs, research, working capital and other general corporate purposes. Proceeds from the PIPE, combined with current cash and cash equivalents, are expected to extend Compass’ cash trail through 2026.

Jefferies, SVB Securities and Stifel are acting as placement agents in this offering.

The securities issued and sold in the PIPE have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States only pursuant to an effective registration statement agreement or an applicable exemption from registration requirements. Concurrent with the execution of the securities purchase agreement, Compass and the investors have entered into a registration rights agreement pursuant to which Compass has agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) recording the resale of the securities sold in this private placement.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there will be no sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Compass Therapeutics

Compass Therapeutics, Inc. is an oncology-focused clinical-stage biopharmaceutical company developing proprietary antibody-based therapies to treat multiple human diseases. The scientific focus of Compass is the relationship between angiogenesis, the immune system and tumor growth. Compass’ pipeline of new product candidates is designed to target several critical biological pathways necessary for an effective anti-tumor response. These include modulation of microvasculature via agents targeted to angiogenesis, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and attenuation of immunosuppressive mechanisms used by tumors to escape immune surveillance. Compass plans to advance its product candidates through clinical development as stand-alone therapies and in combination with proprietary pipeline antibodies based on supporting clinical and non-clinical data. The company was founded in 2014 and is based in Boston, Massachusetts. For more information, visit the Compass Therapeutics, Inc. website at

Forward-looking statements

This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, among other things, references to the expected timing and satisfaction of closing conditions for the closing of the PIPE, expectations regarding cash and cash equivalents after the closing of the PIPE and the expected use of proceeds. of the PIPE as well as the expectation that this proceeds will fund Compass’ operational plans through 2026 and Compass’ strategy, business plans and direction. Actual results could differ from those projected in the forward-looking statements due to many factors. These factors include, among others, Compass’s ability to raise the additional funds it will need to pursue its business and product development plans, the uncertainties inherent in developing product candidates and operating as a in development, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, conduct clinical trials, obtain approvals and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass undertakes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. , except as required by law. Investors should also refer to the disclosure of risk factors set forth in reports and other filings by Compass with the SEC available at, including, without limitation, its most recent Form 10-Q and its subsequent filings with the SEC.

Contact Investor
Mario Corso, Executive Director and Head of Investor Relations
[email protected]

Media Contact
Anna Gifford, Communications Manager
med[email protected]