Heat Biologics (HTBX) Prices $7M Offering of Common Stock, Warrants

Heat Biologics, Inc. ("Heat") (NASDAQ: HTBX), a clinical-stage biopharmaceutical company specializing in the development of therapeutics designed to activate patients' immune systems against cancer, today announced the pricing of an underwritten public offering consisting of 20,000,000 shares of Common Stock together with Warrants to purchase 10,000,000 shares of Common Stock at a combined price to the public of $0.35. The gross proceeds to the Company from this offering are expected to be approximately $7,000,000, before deducting underwriting discounts, commissions and other offering expenses. The Warrants will have an exercise price of $0.385, will be exercisable upon issuance and will expire 14 months from the date of issuance. Heat Biologics, Inc. has granted the underwriters a 45-day option to purchase up to 3,000,000 additional shares of Common Stock and/or additional Warrants to purchase up to 1,500,000 shares of Common Stock to cover over-allotments, if any. The offering is expected to close on Tuesday, January 21, 2020, subject to customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

Brookline Capital Markets, a division of Arcadia Securities, LLC and Maxim Group LLC are acting as co-managers for the offering.

A registration statement on Form S-1 (File No. 333-234105) relating to these securities has been filed with the U.S. Securities and Exchange Commission ("SEC") and became effective on January 16, 2020 and is available on the SEC's website located at http://www.sec.gov.

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