Lantern Pharma Confirms It Had No Exposure to Silicon Valley Bank (SVB), Silvergate Bank, or Signature Bank

Rhea-AI Summary

Lantern Pharma Inc. (NASDAQ: LTRN) announced that it has no exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank, ensuring its financial stability. The company’s cash, cash equivalents, and marketable securities are managed through top-tier financial institutions, providing sufficient resources to support operations and development through 2025. Lantern Pharma utilizes its proprietary RADR® AI platform to enhance oncology drug discovery, focusing on genomic profiling to identify patients likely to benefit from its therapeutics. This strategic approach aims to improve treatment outcomes for cancer patients.

Positive

• No exposure to financial institutions associated with recent failures, reducing risk.
• Sufficient cash and marketable securities to fund operations until 2025.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage biopharmaceutical company using its proprietary RADR^® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, today announced that neither Lantern Pharma Inc. nor any of its subsidiaries had any exposure to Silicon Valley Bank (SVB), Silvergate Bank, or Signature Bank. Lantern’s cash, cash equivalents, and marketable securities are managed across top-tier financial institutions and with a multiple-tiered account approach. Lantern’s cash, cash equivalents, and marketable securities are sufficient to continue development and current operations into 2025.

About Lantern Pharma

Lantern Pharma (NASDAQ: LTRN) is a clinical-stage oncology-focused biopharmaceutical company leveraging its proprietary RADR^® AI and machine learning platform to discover biomarker signatures that identify patients most likely to respond to its pipeline of genomically-targeted therapeutics. 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.

Please find more information at:
Website: www.lanternpharma.com
LinkedIn: https://www.linkedin.com/company/lanternpharma/
Twitter: @lanternpharma
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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; expectations and estimates regarding operating expenses and capital expenditure requirements; 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; expectations and estimates regarding clinical trial timing and patient enrollment; 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 patient populations, 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," "model," "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^® AI 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005283/en/

Nicole Leber

Investor Relations Associate

ir@lanternpharma.com

Source: Lantern Pharma Inc.

FAQ

What did Lantern Pharma announce regarding its financial institutions on March 13, 2023?

On March 13, 2023, Lantern Pharma announced that it has no exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank.

What is the cash situation of Lantern Pharma as of March 2023?

Lantern Pharma's cash, cash equivalents, and marketable securities are sufficient to support operations and development through 2025.

How does Lantern Pharma leverage its RADR® platform?

Lantern Pharma uses its RADR® AI platform to enhance oncology drug discovery by identifying patients with genomic profiles likely to respond to its therapeutics.

What is the stock symbol for Lantern Pharma?

The stock symbol for Lantern Pharma is LTRN.