TC BioPharm Holdings, a Scottish Phase 2 biotech developing allogeneic gamma-delta T cell therapies, again lowered the proposed deal size for its upcoming IPO on Monday.
The Holytown, UK-based company now plans to raise $16 million by offering 3.8 million ADSs at a price of $4.25. Each ADS comes with two warrants, exercisable at the $4.25 offer price. The company had previously filed to offer 5.2 million ADSs at the same price, with 1.25 warrants per ADS, which were exercisable at a 25% premium to the proposed offer price. At the revised deal size, TC BioPharm Holdings will raise -27% less in proceeds than previously anticipated.
Because the company is offering warrants, TC BioPharm is excluded from Renaissance Capital's 2022 IPO stats and screens.
TC BioPharm (TCB) is focused on developing novel immunotherapies based on its proprietary allogeneic gamma-delta T cell (GD-T) platform. The company's Omnimmune program is expected to enter Phase 2-into-pivotal (Phase 3) trials in the 4Q21 for the treatment of acute myeloid leukemia (AML). The company plans to conduct similar trials for AML in the US following an application to the FDA in the 1H22. TCB is also developing a GD-T therapy for the treatment of COVID-19, with trials expected to start in the 4Q21, and genetically modified CAR-T therapies for solid cancers.
TC BioPharm Holdings was founded in 2013 and booked $3 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol TCBP. EF Hutton is the sole bookrunner on the deal.
