DALLAS, March 22,
2022 /PRNewswire/ -- Lantern Pharma Inc.
(NASDAQ: LTRN), a clinical stage biopharmaceutical company
using its proprietary RADR® artificial intelligence
("A.I.") and machine learning (ML) platform to transform the cost,
pace, and timeline of oncology drug discovery and development,
today announced that its Board of Directors has authorized an
extension through July 31, 2022 of
Lantern's existing share repurchase program to acquire up to
$7 million of the Company's common
stock.
![Lantern Pharma (LTRN) Logo (PRNewsfoto/Lantern Pharma) Lantern Pharma (LTRN) Logo (PRNewsfoto/Lantern Pharma)](https://mma.prnewswire.com/media/1216507/Lantern_Pharma_Logo.jpg)
Since the initiation of the share repurchase program in
November 2021, a total of 475,157
shares of common stock have been repurchased pursuant to Lantern's
share repurchase program. Total expenditures for share repurchases
from the time of initiation of the share repurchase program through
March 21, 2022 were approximately
$3.4 million, including purchase
fees. Lantern is authorized to purchase up to an additional
$3.6 million of the Company's common
stock pursuant to the repurchase program. As of December 31, 2021, Lantern had cash, cash
equivalents and marketable securities of approximately $70.7 million.
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. The
timing, amount of shares repurchased and prices paid for the stock
under the repurchase 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 (NASDAQ: LTRN) is a clinical-stage
oncology-focused biopharmaceutical company leveraging its
proprietary RADR® A.I. and machine learning platform 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.
Contact:
Nicole Leber
Investor Relations Associate
ir@lanternpharma.com
Please find more information at:
Website: www.lanternpharma.com
LinkedIn: https://www.linkedin.com/company/lanternpharma/
Twitter: @lanternpharma
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, 2021, filed with the
Securities and Exchange Commission on March
10, 2022. You may access our Annual Report on Form 10-K for
the year ended December 31, 2021
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.
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SOURCE Lantern Pharma