Xilio Therapeutics, a Phase 1 biotech developing novel molecules to treat solid tumors, raised $118 million by offering 7.4 million shares at $16, the low end of the range of $16 to $18.
Xilio has built its geographically precise solutions (GPS) platform to rapidly engineer novel molecules, including cytokines and other biologics, that are designed to optimize their therapeutic index by geographically localizing their activity inside tumors. Its most advanced candidates are XTX101, an anti-CTLA-4 mAb, and XTX202, an IL-2 therapy. The company recently initiated a Phase 1 trial of XTX101 in patients with solid tumors, and in September 2021, submitted an IND to evaluate XTX202 in patients with solid tumors.
Xilio Therapeutics plans to list on the Nasdaq under the symbol XLO. Morgan Stanley, Cowen, and Guggenheim Securities acted as joint bookrunners on the deal.
