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Iovance Biotherapeutics Prices $211M Public Offering

NEW YORK – Iovance Biotherapeutics on Tuesday announced the pricing of an underwritten public offering of its common stock, through which it expects to raise approximately $211 million.

The San Carlos, California-based firm is offering 23,014,000 shares of its common stock at $9.15 per share. Jefferies is the lead bookrunning manager, and Barclays Capital and Goldman Sachs are bookrunning managers for the offering, which is expected to close on Feb. 22.

Iovance said it will use the gross proceeds from the offering to support the commercial launch of its first-in-class tumor-infiltrating lymphocyte (TIL) therapy Amtagvi (lifileucel). The US Food and Drug Administration granted accelerated approval to Amtagvi as a treatment for advanced melanoma patients last week.

Iovance also plans to use the proceeds to fund other clinical programs, including a registrational study, dubbed IOV-LUN-202, in which it is evaluating a TIL therapy in non-small cell lung cancer patients. There was, however, a serious adverse event in this trial, prompting Iovance to put the study on hold in December.

The proceeds will further support Iovance's Phase III confirmatory trial, TILVANCE-301, in which it is evaluating a TIL therapy in newly diagnosed melanoma patients. Iovance hopes to also use the funds for general corporate purposes.