DALLAS, Nov. 22, 2021 /PRNewswire/ -- Lantern Pharma
Inc. (NASDAQ: LTRN) ("Lantern" or the "Company"), a clinical
stage biopharmaceutical company using its proprietary
RADR® artificial intelligence ("A.I.") platform to
transform the cost, pace, and timeline of oncology drug discovery
and development, today announced that its board of directors has
authorized a share repurchase program to acquire up to $7 million of the Company's common stock. The
Company may purchase common stock on the open market, through
privately negotiated transactions, or otherwise, in compliance with
the rules of the United States Securities and Exchange Commission
and other applicable legal requirements. As of September 30, 2021, the Company had approximately
$73.8 million of cash, cash
equivalents and marketable securities. The Company had
approximately 11.2 million shares of common stock outstanding as of
October 29, 2021.
![Lantern Pharma (LTRN) Logo (PRNewsfoto/Lantern Pharma) Lantern Pharma (LTRN) Logo (PRNewsfoto/Lantern Pharma)](https://mma.prnewswire.com/media/1216507/Lantern_Pharma_Logo.jpg)
"Initiating a share repurchase program at this time is in line
with our ongoing focus on creating value for our stockholders,
which we are committed to," stated Panna
Sharma, CEO and President of Lantern Pharma Inc. "It also
demonstrates our confidence in advancing our clinical pipeline and
our growing RADR® A.I. platform — Lantern is capitalized
to achieve its upcoming clinical milestones. In light of our strong
balance sheet, the board has decided to implement the share
repurchase program enabling Lantern to opportunistically return
value to its stockholders."
The timing, amount of shares repurchased and prices paid for the
stock under this program will depend on market conditions as well
as corporate and regulatory limitations, including blackout period
restrictions. The repurchase program does not obligate the
Company to acquire any particular amount of shares, and the
repurchase program may be suspended or discontinued at any time at
the Company's discretion.
About Lantern Pharma
Lantern Pharma Inc. (NASDAQ:
LTRN) is a clinical-stage oncology-focused biopharmaceutical
company leveraging its proprietary RADR® A.I. platform
and machine learning to discover biomarker signatures that identify
patients most likely to respond to its pipeline of
genomically-targeted therapeutics. Lantern is currently developing
four drug candidates and an ADC program across eight disclosed
tumor targets, including two phase 2 programs. By targeting drugs
to patients whose genomic profile identifies them as having the
highest probability of benefiting from the drug, Lantern's approach
represents the potential to deliver best-in-class outcomes. More
information is available at: www.lanternpharma.com and
Twitter @lanternpharma.
About RADR®
RADR® or
Response Algorithm for Drug Positioning &
Rescue, is Lantern's proprietary integrated A.I. platform
for large-scale biomarker and drug-tumor interaction data analytics
that leverages machine-learning. RADR® is used to
provide mechanistic insights about drug-tumor interactions, predict
the potential response of cancer types and subtypes to existing
drugs and drug candidates, and uncover patient groups that may
respond to potential therapies being developed by Lantern and its
collaborators.
Forward-looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, among other things, statements relating to:
future events or our future financial performance; the potential
advantages of our RADR® platform in identifying drug
candidates and patient populations that are likely to respond to a
drug candidate; our strategic plans to advance the development of
our drug candidates and antibody drug conjugate (ADC) development
program; estimates regarding the development timing for our drug
candidates and ADC development program; our research and
development efforts of our internal drug discovery programs and the
utilization of our RADR® platform to streamline the drug
development process; our intention to leverage artificial
intelligence, machine learning and genomic data to streamline and
transform the pace, risk and cost of oncology drug discovery and
development and to identify patient populations that would likely
respond to a drug candidate; estimates regarding potential markets
and potential market sizes; sales estimates for our drug candidates
and our plans to discover and develop drug candidates and to
maximize their commercial potential by advancing such drug
candidates ourselves or in collaboration with others. Any
statements that are not statements of historical fact (including,
without limitation, statements that use words such as "anticipate,"
"believe," "contemplate," "could," "estimate," "expect," "intend,"
"seek," "may," "might," "plan," "potential," "predict," "project,"
"target," "objective," "aim," "upcoming," "should," "will,"
"would," or the negative of these words or other similar
expressions) should be considered forward-looking statements. There
are a number of important factors that could cause our actual
results to differ materially from those indicated by the
forward-looking statements, such as (i) the impact of the COVID-19
pandemic, (ii) the risk that our research and the research of our
collaborators may not be successful, (iii) the risk that none of
our product candidates has received FDA marketing approval, and we
may not be able to successfully initiate, conduct, or conclude
clinical testing for or obtain marketing approval for our product
candidates, (iv) the risk that no drug product based on our
proprietary RADR A.I. platform has received FDA marketing approval
or otherwise been incorporated into a commercial product, and (v)
those other factors set forth in the Risk Factors section in our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and
Exchange Commission on March 10,
2021. You may access our Annual Report on Form 10-K for the
year ended December 31, 2020 under
the investor SEC filings tab of our website
at www.lanternpharma.com or on the SEC's website
at www.sec.gov. Given these risks and uncertainties, we can
give no assurances that our forward-looking statements will prove
to be accurate, or that any other results or events projected or
contemplated by our forward-looking statements will in fact occur,
and we caution investors not to place undue reliance on these
statements. All forward-looking statements in this press release
represent our judgment as of the date hereof, and, except as
otherwise required by law, we disclaim any obligation to update any
forward-looking statements to conform the statement to actual
results or changes in our expectations.
CONTACT:
Investor Relations
David
Waldman, Crescendo Communications, LLC
IR@lanternpharma.com
212-671-1021
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SOURCE Lantern Pharma