Heat Biologics Suspends Proposed Common Stock Public Offering The Day After Announcing It

Heat Biologics Inc. said Friday that just 16 hours after it announced a planned public offering of common stock shares, it would instead explore "alternative options." Shares of the biotech dropped 7.9% in pre-market trade after the news. As of the end of March, Heat Biologics had cash, cash equivalents and short-term investments equal to about $11.8 million, and expects topline data for two cancer drugs in the fourth quarter of 2016. Heat Biologics shares rose 27.3% over the last three months, compared with a 3.5% rise in the S&P 500 .