Kiromic BioPharma CEO Issues Letter to
Stockholders
HOUSTON (February 16, 2023) – Kiromic
BioPharma, Inc. (NASDAQ: KRBP) (“Kiromic” or the “Company”), a
clinical-stage fully-integrated biotherapeutics company using its
proprietary DIAMOND® artificial
intelligence and data mining platform to develop cell therapies
with a focus on immuno-oncology, today issued the following letter
to stockholders from its CEO Pietro Bersani.
To My Fellow Stockholders,
On behalf of my hardworking colleagues at Kiromic BioPharma and our
dedicated Board of Directors, I’d like to thank our stockholders
for their continued support as we prepare for an exciting future
together.
Everyone at Kiromic remains laser-focused on achieving our upcoming
milestones, including our regulatory, preclinical, and financial
teams. I would like to take this opportunity to update you on our
recent progress and to review our near-term plans.
Special Meeting of
Stockholders
Importantly, Kiromic will host a Special Meeting of Stockholders on
March 7th,
2023. I encourage all stockholders, as of the January 18, 2023
record date, to vote to approve the following three proposals, each
of which is critical to fund our operations and to advance our
first therapeutic candidate, Deltacel™, into the clinic:
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1.
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To grant authority to our Board of Directors to execute a reverse
stock split at a ratio within a range of 1-for-2 to 1-for-30;
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2.
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To approve the issuance of common stock to Yorkville Advisors in
excess of the exchange cap of the Standby Equity Purchase Agreement
dated October 13, 2022; and
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3.
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To approve the issuance of common stock to the investor holding the
25% Senior Secured Convertible Promissory Note in excess of the
share cap contained in an agreement dated December 12, 2022.
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The passage of each of these items is critically important to our
ability to pursue the exciting business imperatives described
below. I strongly encourage you to vote “FOR” each proposal for the
reasons described in the proxy statement filed with the SEC on
January 26, 2023. Voting instructions are contained in the proxy
card; you can vote at any time via the internet, by mail, by phone,
or in person at the meeting.
More specifically, the resulting increase in share price from the
reverse stock split will not only keep us in compliance with
Nasdaq’s continued-listing requirements but will also potentially
improve the appeal of our common stock to a broader range of
investors, including higher-quality institutional investors.
We are proud to have secured funding during a challenging market
environment, and your vote is critical in financing our continued
progress. I will cover more details about our recent financing and
strategy later in this letter, but first I’ll provide regulatory
and preclinical updates that are a very encouraging start to the
year.
Focusing our Business, Streamlining
our Pipeline
Today I am proud to announce that Kiromic remains on track to
submit an IND application for Deltacel™ by the end of the
current quarter. Deltacel™ is our most advanced
therapeutic candidate, and its use of allogeneic, non-viral,
non-engineered off-the-shelf Gamma Delta T-cells represents a
potential next-generation solution for patients.