NEW YORK – Immunocore said Monday it will sell 3,733,333 shares in a private equity investment (PIPE) financing agreement that is expected to raise $140 million.
Under the agreement, Immunocore will sell its common stock and non-voting common stock for $37.50 per share.The company’s existing investors participating in the financing include RTW Investments, Rock Springs Capital and General Atlantic.The PIPE agreement is expected to end on July 20.
The company will use the proceeds to fund its oncology and infectious disease pipeline candidates, including the development of its lead oncology candidate, Kimmtrak (tebentafusp-tebn), to treat HLA-A*02:01 positive skin and uveal melanoma.The financing, along with revenue from Kimmtrak, is expected to fund Immunocore’s operations through 2025.
This year, Kimmtrak has been approved for use in patients with HLA-A*02:01 positive unresectable or metastatic uveal melanoma in the US, Europe and the UK, among other countries.Immunocore continues to study the drug in a Phase I/II study in HLA-A*02:01-positive cutaneous melanoma.
Immunocore is also developing four other oncology candidates, including two additional T-cell receptor drugs in Phase I/II trials in advanced solid tumors.One of the drugs is being developed for HLA-A*02:01-positive and MAGE-A4-positive patients, and the other targets HLA-A*02:01 and PRAME-positive tumors.The company also has two undisclosed oncology candidates in preclinical development.
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