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TRACON to fund cancer drug development with $38.7M private placement

San Diego-based TRACON Pharmaceuticals Inc. is looking to raise $38.7 million via the sale of 13.7 million shares priced $2.825 each.

Each share will come with a warrant to purchase an additional stock at $2.70 each.

The financing is led by Puissance Capital Management with participation from certain existing investors, including New Enterprise Associates and 683 Capital Partners LP.

After the placement is completed, the biotechnology company expects to appoint Ted Wang to its board.

Wang is the chief investment officer of Puissance Capital Management.

The company intends to use the proceeds to fund the development of its cancer drugs TRC105 and TRC253.