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Immatics to Raise $110M in Offering of Stock to Certain Investors

NEW YORK – Immatics on Monday announced an offering of 10,905,000 ordinary shares to certain investors at $10.09 per share.

Immatics expects to raise gross proceeds of $110 million from the offering before deducting the underwriting discount and offering expenses. Participants in the offering included Armistice Capital Master Fund, Dellora Investments, EcoR1 Capital, Nantahala Capital, Perceptive Advisors, Rock Springs Capital, RTW Investments, Samsara BioCapital, SilverArc Capital, Sofinnova Investments, Wellington Management, 683 Capital, and other specialist biotech investors.

Jefferies and SVB Securities are joint bookrunning managers for the offering.

Also on Monday, Immatics reported interim data from a Phase Ia trial of its T-cell receptor-based cell therapy, IMA203, in patients with recurrent and refractory solid tumors. The confirmed response rate among 27 patients treated at all doses in the trial was 19 percent, and 29 percent of seven patients who received the highest dose of IMA203 responded.

Out of five patients in the study whose tumors expressed PRAME, four patients, or 80 percent, responded to the treatment. The responses occurred in patients with both high- and low-PRAME expression and in four different types of solid tumors, cutaneous melanoma, ovarian cancer, uveal melanoma, and head and neck cancer, Immatics said.

"The data presented today highlight the clinical potential of PRAME as one of the most promising multi-tumor targets to achieve meaningful benefits for a large cancer patient population," Immatics Chief Medical Officer Cedrik Britten said in a statement. "In addition to this first data from IMA203 monotherapy today, we are awaiting data from two additional dose expansion cohorts: IMA203 together with an immune checkpoint inhibitor and our second-generation product candidate IMA203CD8."

Tuebingen, Germany-based Immatics began a Phase Ib study of its second-generation autologous T-cell receptor therapy, IMA203CD8, in PRAME-expressing solid tumors in August. In May, the firm also began a Phase I trial of its bispecific T-cell engager, IMA401, for patients with HLA-A*02:01 and MAGEA4/8-positive solid tumors.