Instil Bio, an early stage biotech developing immune cell therapies for cancer, raised $320 million by offering 16 million shares at $20, the high end of the upwardly revised range of $19 to $20. The company had originally planned to offer 13.9 million shares at a range of $17 to $19 before increasing the terms on Thursday.
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 plans to list on the Nasdaq under the symbol TIL. Morgan Stanley, Jefferies and Cowen acted as lead managers on the deal.
