TScan Therapeutics, a preclinical biotech developing engineered T cell cancer therapies, announced terms for its IPO on Monday.
The Waltham, MA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, TScan Therapeutics would command a fully diluted market value of $404 million.
TScan Therapeutics is developing a pipeline of T cell receptor-engineered T cell, or TCR-T, therapies for the treatment of hematological and solid tumors. The company uses one of its propriety technology platforms, TargetScan, to analyze the T cells of cancer patients who have shown excellent responses to immunotherapy to inform the design of their TCR-T therapies. The company plans to submit INDs for its lead two liquid tumor candidates in the 4Q21 and at least three of its four solid tumor candidates in the 2H22.
TScan Therapeutics was founded in 2018 and booked $3 million in collaboration and license revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol TCRX. Morgan Stanley, Jefferies, Cowen, and Barclays are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
