CG Oncology, a Phase 3 biotech developing an oncolytic immunotherapy for bladder cancer, raised the proposed deal size for its upcoming IPO on Tuesday.
The Irvine, CA-based company now plans to raise $289 million by offering 17 million shares at a price range of $16 to $18. The company had previously filed to offer 11.8 million shares at the same range. At the midpoint, CG Oncology will raise 44% more in proceeds than previously anticipated.
CG Oncology's candidate cretostimogene is initially in development for the treatment of patients with high-risk Non-Muscle Invasive Bladder Cancer (NMIBC) who are unresponsive to Bacillus Calmette Guerin (BCG) therapy, the current standard-of-care for high-risk NMIBC. The company is evaluating cretostimogene as a monotherapy in BOND-003, its ongoing Phase 3 trial in high-risk BCG-unresponsive NMIBC patients, and expects to report topline data by the end of 2024. If successful, CG Oncology believes that this trial could serve as the basis for a Biologics License Application submission to the FDA.
CG Oncology was founded in 2010 and plans to list on the Nasdaq under the symbol CGON. Morgan Stanley, Goldman Sachs, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2024.
