Tharimmune completed a private placement of common stock at $3.075 per share, raising approximately $540 million in gross proceeds. The offering was led by DRW and Liberty City Ventures and included participation from institutional investors such as ARK Invest, Bitwave, Broadridge, Polychain Capital, Tradeweb Markets, and the Canton Foundation.
Proceeds will be used to acquire Canton Coin, support the company’s digital‑asset treasury strategy, and provide working capital and general corporate purposes. The transaction follows the appointment of Mark Wendland as CEO and Mark Toomey as President, who will oversee the new strategy.
Tharimmune is a clinical‑stage biotechnology company that has faced financial challenges, reporting operating losses and a cumulative deficit as of March 31, 2025. The capital raise brings the company’s cash balance to a level that meets Nasdaq’s minimum equity requirement and improves its liquidity.
The company’s pipeline includes candidates TH104 and TH023, with ongoing clinical development. The digital‑asset strategy aims to leverage the Canton Network, a blockchain platform designed for institutional use, to create a treasury system that can process over 500,000 transactions daily.
The private placement is expected to close on or about November 6, 2025, subject to customary conditions.
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