CytoMed Therapeutics, a Singaporean preclinical biotech developing gamma-delta T cell therapies for cancer, announced terms for its IPO on Wednesday.
The Singapore-based company plans to raise $11 million by offering 2.4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, CytoMed Therapeutics would command a fully diluted market value of $51 million.
If the company prices at a market cap below $50 million, CytoMed Therapeutics will be excluded from Renaissance Capital's 2023 IPO stats.
The company is developing three product candidates built on a proprietary platform licensed from Singapore-based R&D agency A*STAR. Its lead candidate, CTM-N2D, consists of expanded gamma delta T cells grafted with NKG2DL-targeting CAR to enhance anti-cancer cytotoxicity. CytoMed Therapeutics is currently finalizing a trial of CTM-N2D with the National University Hospital Singapore, following the grant of a CTA in July 2022, and plans to begin recruiting patients in the 2H23.
CytoMed Therapeutics was founded in 2018 and plans to list on the Nasdaq under the symbol GDTC. The Benchmark Company and Axiom Capital Management are the joint bookrunners on the deal.
