Turnstone Biologics, a Phase 1 biotech developing immunotherapies for solid tumors, filed on Monday with the SEC to raise up to $86 million in an initial public offering.
Utilizing a differentiated approach to tumor infiltrating lymphocytes (TILs), Turnstone's selected TILs are designed to extend clinical benefit across the majority of solid tumors. The company's lead candidate, TIDAL-01, is undergoing a Phase 1 trial for the treatment of breast cancer, colorectal cancer, and uveal melanoma. It is also conducting an investigator sponsored trial with Moffitt, in both cutaneous and non-cutaneous melanomas. Non-clinical studies in multiple tumor samples have achieved tumor-reactive T cell frequencies in selected TIL drug product of up to 62% (targeting >70%), with a median frequency of 23%. Turnstone intends to provide an initial clinical update across these two trials in mid-2024.
The La Jolla, CA-based company was founded in 2015 and booked $82 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol TSBX. BofA Securities, SVB Leerink, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
