CG Oncology, a Phase 3 biotech developing an oncolytic immunotherapy for bladder cancer, raised $380 million by offering 20 million shares at $19, above the range of $16 to $18. The company offered 3 million more shares than anticipated. It originally planned to offer 11.8 million shares before upwardly revising the terms on Tuesday.
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 plans to list on the Nasdaq under the symbol CGON. Morgan Stanley, Goldman Sachs, and Cantor Fitzgerald acted as joint bookrunners on the deal.
