TScan Therapeutics, the US-based cancer immunotherapy developer spun out of Harvard University, secured $100m in its initial public offering on Friday.
The company issued almost 6.7 million shares on the Nasdaq Global Market priced at $15 each, having set a range of $15 to $17 for 6.3 million shares. It is listed under the ticker symbol TCRX.
Founded in 2018, TScan is working on engineered T cell therapies aimed at treating patients with cancer. Its TargetScan discovery platform identifies the natural targets of T cell receptors (TCRs), while its ReceptorScan platform can identify TCRs capable of recognising clinically validated targets.
The company will use about $30m of the IPO proceeds to fund the phase 1/2 clinical development of drug candidates TSC-100, TSC-101 and TSC-102, which are being developed for liquid tumour-related conditions.
TScan will also use approximately $35m for investigational new drug application activities and phase 1 trials for solid tumour candidates TSC-200, TSC-201, TSC-202 and TSC-203.
About $25m will go to the development of TScan’s other drug discovery programmes, and the remainder toward enhancing its technology platforms, manufacturing capabilities and other general corporate purposes.
The company had pulled in approximately $160m in funding prior to the offering, including a $100m series C round in January this year backed by GV and Novartis Venture Fund (NVF), on behalf of conglomerate Alphabet and pharmaceutical firm Novartis respectively.
The series C included 6 Dimensions Capital, an investment vehicle co-founded by pharmaceutical firm WuXi AppTec, as well as BVP, Longwood Fund, Pitango HealthTech, RA Capital Management, funds and accounts managed by BlackRock, and two unspecified healthcare-focused funds likely to be affiliated with Baker Bros Advisors and JMD III.
Pharmaceutical firm Astellas’ Venture Management unit and Novartis Institutes for BioMedical Research co-led TScan’s $35m series B round in January 2020, investing with GV, NVF, 6 Dimensions Capital, Longwood Fund, BVP and Pitango Healthtech.
The company had already secured $25m in a 2018 series A round in which each of GV, NVF, 6 Dimensions Capital, BVP and Longwood Fund provided $5m.
Baker Bros Advisors remains TScan’s largest shareholder, with a 17.8% stake post-IPO, followed by NVF (7.5%), 6 Dimensions Capital (6.5%), Hillhouse Capital (5.4%), Longwood Fund and Bessemer Venture Partners (4.8% each), GV (4.5%) and Pitango Healthtech Fund (4.1%).
Joint book-running managers Morgan Stanley, Jefferies, Cowen and Barclays Capital have a 30-day option to purchase 1 million additional shares, potentially increasing the size of the offering to $115m.

TScan Therapeutics, the US-based cancer immunotherapy developer which counts internet and technology group Alphabet and pharmaceutical firms Astellas, Novartis and WuXi AppTec as investors, secured $100m in its initial public offering on Friday.

The company issued almost 6.7 million shares on the Nasdaq Global Market priced at $15 each having set a range of $15 to $17 for 6.3 million shares. They closed at $10.50 on the the company’s first day of trading.

Founded in 2018, TScan is working on engineered T cell therapies aimed at treating patients with cancer. Its TargetScan discovery platform identifies the natural targets of T cell receptors (TCRs), while its ReceptorScan platform can identify TCRs capable of recognising clinically validated targets.

The company will use about $30m of the IPO proceeds to fund the phase 1/2 clinical development of drug candidates TSC-100, TSC-101 and TSC-102, which are being developed for liquid tumour-related conditions.

TScan will also use approximately $35m for investigational new drug application activities and phase 1 clinical trials for solid tumour candidates TSC-200, TSC-201, TSC-202 and TSC-203.

About $25m will go to development of TScan’s other drug discovery programmes, and the remainder toward enhancing its technology platforms, manufacturing capabilities and other general corporate purposes.

The company had pulled in approximately $160m in funding prior to the offering, including a $100m series C round in January this year backed by GV and Novartis Venture Fund (NVF), on behalf of Alphabet and Novartis respectively.

The series C included 6 Dimensions Capital, an investment vehicle co-founded by WuXi AppTec, as well as BVP, Longwood Fund, Pitango HealthTech, RA Capital Management, funds and accounts managed by BlackRock, and two unspecified healthcare-focused funds likely to be affiliated with Baker Bros Advisors and JMD III.

Astellas’ Venture Management unit and Novartis Institutes for BioMedical Research co-led TScan’s $35m series B round in January 2020, investing with GV, NVF, 6 Dimensions Capital, Longwood Fund, BVP and Pitango Healthtech.

The company had already secured $25m in a 2018 series A round in which each of GV, NVF, 6 Dimensions Capital, BVP and Longwood Fund provided $5m.

Baker Bros Advisors remains TScan’s largest shareholder, with a 17.8% stake post-IPO, followed by NVF (7.5%), 6 Dimensions Capital (6.5%), Hillhouse Capital (5.4%), Longwood Fund and Bessemer Venture Partners (4.8% each), GV (4.5%) and Pitango Healthtech Fund (4.1%).

Joint book-running managers Morgan Stanley, Jefferies, Cowen and Barclays Capital have a 30-day option to purchase 1 million additional shares, potentially increasing the size of the offering to $115m.