Arcus Biosciences Inc., of Hayward, Calif., said it priced an underwritten public offering of 11 million shares at $27.50 each for gross proceeds of $302.5 million. The underwriters have been granted a 30-day option to purchase up to 1.65 million additional shares of common stock at the public offering price.
Genetic Technologies Ltd., of Melbourne, Australia, said it closed its public offering of 3.5 million American depositary shares (ADSs), each representing 600 ordinary shares, at a purchase price of $2 per ADS, and 500,000 prefunded warrants, at a purchase price of $1.9999 per prefunded warrant, for aggregate gross proceeds of approximately $8 million. The company intends to use the net proceeds to support the introduction and distribution of new products in the U.S.
Iovance Biotherapeutics Inc., of San Carlos, Calif., said it priced an underwritten public offering of 16.93 million shares at $31 per share, with gross proceeds expected to be approximately $525 million. The underwriters have been granted a 30-day option to purchase up to 2.54 million additional shares. The net proceeds will be used to fund the expansion of its organization to support the potential commercial launch of lifileucel for advanced melanoma and LN-145 for advanced cervical cancer, to initiate a program directed at registration of Iovance’s tumor infiltrating lymphocyte therapies in non-small-cell lung cancer, to continue support of ongoing commercial manufacturing activities, and for the development of IL-2 analogue IOV-3001, and for other general corporate purposes.
Legend Biotech Corp., of Somerset, N.J., which is engaged in the discovery and development of cell therapies for oncology and other indications, and majority-owned by Genscript Biotech Corp., has filed to sell about 18.42 million American depositary shares in the price range of $18 to $20 each in its U.S. IPO. The company recently released updated results from the Janssen Pharmaceutical Cos. of Johnson & Johnson-sponsored phase Ib/II CARTITUDE-1 study evaluating the efficacy and safety of JNJ-68284528 (JNJ-4528), an investigational BCMA-directed CAR T therapy in the treatment of patients with relapsed or refractory multiple myeloma. The data show durable responses in heavily pretreated patients. Longer-term follow-up data (median of 11.5 months) from the phase Ib portion of the study demonstrated 100% overall response rate, 86% stringent complete response rate and a nine-month progression-free survival rate of 86%.
Marinus Pharmaceuticals Inc., of Radnor, Pa., said it priced an underwritten public offering of 16 million shares at $2.50 each with gross proceeds expected to be approximately $40 million. The underwriters have been granted a 30-day option to purchase up to an additional 2.4 million shares at the public offering price. The net proceeds will be used to fund the development of its product candidates and for general corporate purposes.
Mersana Therapeutics Inc., of Cambridge, Mass., said it priced an underwritten public offering of 8 million shares at $19 each, with gross proceeds expected to be $152 million. The underwriters have been granted a 30-day option to purchase up to an additional 1.2 million shares. The net proceeds will be used to support clinical development of XMT-1536 and XMT-1592, to progress the company’s next antibody-drug conjugate product candidates into phase I development, and to fund working capital, capital expenditures and other general corporate purposes.
Palvella Therapeutics Inc., of Wayne, Pa., said it closed an oversubscribed $45 million series C financing with CAM Capital, Samsara Biocapital, BVF Partners LP, Adams Street Partners, Opaleye Management, Ligand Pharmaceuticals Inc., Agent Capital, Bioadvance and Nolan Capital participating in the round. The funds will support the advancement of PTX-022 (Qtorin 3.9% rapamycin anhydrous gel) for the treatment of adults with Pachyonychia congenita. In conjunction with the Pachyonychia congenita Project, the company completed enrollment of a phase II/III pivotal VALO study for PTX-022. Also, in partnership with the Gorlin Syndrome Alliance, the company’s second candidate, PTX-367 (Qtorin rapamycin) will enter a late-stage study for individuals with Gorlin syndrome, a genetic disease caused by a mutation in PTCH1, a tumor suppressor gene.