TC BioPharm Holdings, a Scottish Phase 2 biotech developing allogeneic gamma-delta T cell therapies, raised $18 million by offering 4.1 million ADSs at $4.25, as expected. The company offered 0.4 million more ADSs than anticipated. Each ADS comes with two warrants, exercisable at the $4.25 offer price. The company revised its terms three times ahead of pricing, originally planning to raise $50 million by offering 6.3 million shares at a range of $7 to $9.
Because the company's offering contained warrants, TC BioPharm will be excluded from Renaissance Capital's stats.
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 plans to list on the Nasdaq under the symbol TCBP. EF Hutton acted as sole bookrunner on the deal.
