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…