IN8Bio, a University of Alabama spinout and cancer immunotherapy developer, has pulled in $40m through its IPO.
IN8Bio, a US-based cancer immunotherapy developer spun out of University of Alabama at Birmingham, has raised $40m in an initial public offering.
The company issued 4 million shares on the Nasdaq Global Market priced at $10 each, which was the lower end of its initial $10 to $12 range. IN8Bio’s shares were trading at $7.10 at the time of writing, implying a market capitalisation of approximately $133m.
Founded as Incysus Therapeutics in 2016, IN8Bio is developing gamma-delta T cell therapies for the treatment of brain and blood cancers as well as solid tumours.
In 2016, the company secured an exclusive license agreement with UAB Research Foundation, the technology transfer office of University of Alabama at Birmingham (UAB) for a number of immunotherapy related patents and research developed at UAB. IN8Bio also has license agreements with Emory University.
The company’s lead product candidates are INB-200, a potential treatment for newly diagnosed glioblastoma, and INB-100, a treatment being developed for patients with leukaemia that are undergoing hematopoietic stem cell transplants.
Between $8m and $13m of offering proceeds will advance INB-200 through phase 1 and 2 clinical trials. The company will also deploy between $1m to $2m for the clinical development of INB-100 and $4m to $5m for the development of INB-400.
IN8Bio had received $10m in a series A round in January 2019 that was led by venture capital firm Bios Partners and included undisclosed additional investors.
Bios Partners and Transcend Partners Opportunity Fund, a vehicle owned by IN8Bio board member Emily Fairbairn, are the company’s largest shareholders with a 35.3% and 17.2% stake respectively.
B Riley Securities served as an underwriter for the offering, which included a 30-day option to purchase an additional 600,000 shares.
