Instil Bio, an early stage biotech developing immune cell therapies for cancer, raised the proposed deal size for its upcoming IPO on Thursday.
The Dallas, TX-based company now plans to raise $312 million by offering 16 million shares at a price range of $19 to $20. The company had previously filed to offer 13.9 million shares at a range of $17 to $19. At the midpoint of the revised range, Instil Bio will raise 25% more in proceeds than previously anticipated.
Instil Bio is developing a cell therapy pipeline of autologous tumor infiltrating lymphocyte (TIL) therapies for the treatment of cancer. Its lead TIL candidate, ITIL-168, is being developed for the treatment of advanced melanoma. The company plans to submit an IND and initiate a Phase 2 trial in the 2H21, which the company believes could support a BLA submission in 2023. Instil plans to initiate Phase 1 trials of ITIL-168 in additional indications with unmet medical need in the 1H22.
Instil Bio was founded in 2018 and plans to list on the Nasdaq under the symbol TIL. Morgan Stanley, Jefferies and Cowen are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
