IO Biotech, a Phase 3-ready biotech developing immunotherapies for melanoma and other cancers, raised $100 million by offering 7.2 million shares at $14, the low end of the range of $14 to $17. The company offered 0.7 million more shares than anticipated.
IO Biotech is developing is targeting immunosuppresive mechanisms of cancer survival mediated by key immunosuppressive proteins Indoleamine 2,3-dehydrogenase (IDO) and programmed death ligand (PD-L1). The company's lead candidate, IO102-IO103, was granted Breakthrough Therapy Designation for the treatment of unresectable/metastatic melanoma and plans to enroll for a Phase 3 trial in combination with pembrolizumab.
IO Biotech plans to list on the Nasdaq under the symbol IOBT. Morgan Stanley, Jefferies, and Cowen acted as joint bookrunners on the deal.
