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Tango Therapeutics to Raise $80M in Private Placement

NEW YORK – Tango Therapeutics on Thursday said it will sell 15.5 million shares of its common stock or prefunded warrants at $5.15 per share to certain investors in a private placement worth approximately $80 million.

Nextech led the financing with participation from Boxer Capital, Bain Capital Life Sciences, Casdin Capital, EcoR1 Capital, Southpoint Capital, Third Rock Ventures and an unidentified large institutional investor.

Tango has two PRMT5 inhibitors in clinical development. In a Phase I/II trial launched in July, Tango researchers are evaluating the maximum tolerated dose and dosing schedule for TNG462 in patients with certain types of MTAP-deleted tumors including mesothelioma, cholangiocarcinoma, and malignant peripheral nerve sheath tumors. The Boston-based company is also testing safety, tolerability, and preliminary anti-tumor activity of its PRMT5 inhibitor TNG908 in a Phase I/II trial in patients with MTAP-deleted solid tumors.

Tango has also recently begun a Phase I/II trial of its co-repressor of repressor element-1 silencing transcription (CoREST) inhibitor TNG260 with Merck's Keytruda (pembrolizumab) in patients with checkpoint inhibitor resistant STK11-mutant cancers.

"Tango is a leader in developing novel precision oncology programs based on synthetic lethality — all of which have the potential to address significant patient populations across multiple cancer types," Kanishka Pothula, a partner at Nextech, said in a statement.

Proceeds from the financing will support expansion of the PRMT5 programs across multiple tumor types and maintain funding through proof of concept for its other clinical-stage programs. Tango's cash, cash equivalents, and marketable securities, with additional proceeds from this financing, will fund the company's operations into 2026, the firm said.

Shares of Tango were down around 10 percent at $7.00 in late Thursday morning trade on the Nasdaq.