TapImmune Inc. raised gross proceeds of about $3.1 million under a stock purchase agreement.

Under the agreement, an existing accredited investor bought 1,300,000 common shares at $2.40 each in a private placement.

Additionally, TapImmune raised gross proceeds of about $2 million under a warrant exercise agreement.

Under the agreement, certain existing institutional investors bought 782,506 shares at a reduced exercised price, and for cash immediately.

Jacksonville, Fla.-based TapImmune develops immunotherapeutics and vaccines for cancer and metastatic disease.