Gracell Biotechnologies, a Phase 1 Chinese biotech developing CAR-T cell therapies for cancer, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The company aims to disrupt conventional approaches to CAR-T cell therapies with its two proprietary technology platforms, FasTCAR and TruUCAR. Its lead FasTCAR-enabled candidate, GC012F, has achieved multiple minimal residual disease, negative stringent complete responses in relapsed or refractory multiple myeloma patients in an ongoing investigator-initiated Phase 1 trial in China. Its lead TruUCAR-enabled allogeneic product candidate, GC027, has achieved multiple complete responses in relapsed or refractory T cell acute lymphoblastic leukemia patients in an ongoing investigator-initiated Phase 1 trial also being performed in China.
The Suzhou, China-based company was founded in 2017 and plans to list on the Nasdaq under the symbol GRCL. Gracell Biotechnologies filed confidentially on October 19, 2020. Citi, Jefferies, Piper Sandler and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
