Genenta Science, an Italian Phase 1/2 biotech developing stem cell gene therapies for solid tumors, announced terms for its IPO on Wednesday.
The Milan, Italy-based company plans to raise $30 million by offering 2.6 million ADS equivalents, including 1 million being offered exclusively to existing shareholders in Italy, at a price range of $10.50 to $12.50. At the midpoint of the proposed range, Genenta Science would command a market value of $202 million.
Genenta is engaged in the development of hematopoietic stem cell gene therapies for the treatment of solid tumors. Its lead candidate, Temferon, was developed using its novel biologic platform and carries interferon-alpha (IFN-α), a well-known therapeutic that was previously administered intravenously for treatment of various cancers but is currently rarely used due to its systemic toxicity. The company is currently developing Temferon for glioblastoma multiforme (GBM) in patients with GBM who have an unmethylated MGMT gene promoter (uMGMT), and is currently conducting a Phase 1/2a dose-escalation trial in newly diagnosed uMGMT-GBM patients in Italy. Genenta anticipates completing patient enrollment and treatment by the 2Q22, and as of November 15, 2021, it has administered Temferon to a total of 15 patients.
Genenta Science was founded in 2014 and plans to list on the Nasdaq under the symbol GNTA. Roth Capital is the sole bookrunner on the deal.
