TScan Therapeutics, a preclinical biotech developing engineered T cell cancer therapies, raised $100 million by offering 6.7 million shares at $15, the low end of the range of $15 to $17. The company had previously filed to offer 6.3 million shares, but increased the share offering to maintain its original deal size. At pricing, TScan commands a fully diluted market value of $384 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 exceptional responses to immunotherapy to inform the design of its TCR-T therapies. The company plans to submit INDs for its lead two liquid tumor candidates in the 4Q21 and INDs for at least three of its four solid tumor candidates in the 2H22.
The Waltham, MA-based company plans to list on the Nasdaq under the symbol TCRX. Morgan Stanley, Jefferies, Cowen, and Barclays acted as joint bookrunners on the deal.
