TapImmune Inc. has completed the acquisition of Marker Therapeutics Inc. and closed a concurrent private placement of securities worth $70 million in gross proceeds.

As a result of the merger, TapImmune has changed its name to Marker Therapeutics and will trade on the Nasdaq Capital Market under the new ticker symbol MRKR beginning Oct. 18. The company formerly known as Marker Therapeutics has been renamed Marker Cell Therapy and will become a subsidiary. The new combined company will focus on developing and commercializing T cell therapies.

Jacksonville, Fla.-based TapImmune issued 13,914,255 common shares and warrants to purchase 5,046,003 common shares to shareholders of the former Marker Therapeutics to complete the merger, according to an Oct. 17 press release. Holders can exercise warrants at $2.99 per share for a period of five years.

In a simultaneous offering, TapImmune issued 17,500,000 common shares and warrants to purchase 13,125,000 common shares exercisable at $5 apiece for five years.

The company intends to use the proceeds to finance multiple phase 2 clinical studies of its T cell therapies that modify patient's immune cells to make them attack cancer. It will also fund infrastructure development and other corporate and general purposes.

John Wilson, Juan Vera and David Eansor were appointed as directors of newly combined Marker Therapeutics, and Frederick Wasserman was appointed chairman in line with the merger.

Piper Jaffray & Co. served as sole lead placement agent for the private placement, while Nomura Securities International Inc. served as co-placement agent and exclusive financial adviser in conjunction with the merger.