Iovance Prices Public Offering Of $211 Mln Of Shares; Stock Up Over 25% In Pre-market

(RTTNews) - Iovance Biotherapeutics, Inc. (IOVA), a company focused on novel polyclonal tumor infiltrating lymphocyte therapies for cancer patients, on Tuesday announced the pricing of an offering of 23,014,000 shares at $9.15 per share.

The gross proceeds from the offering, to be closed on or about February 22, are expected to be around $211 million.

Iovance intends to use the proceeds for the commercial launch of AMTAGVI, to fund ongoing clinical programs including its NSCLC registrational study, IOV-LUN-202, and its frontline advanced melanoma Phase 3 confirmatory trial, TILVANCE-301.

In addition, the proceeds will be used to continue the development of its pipeline candidates, and for other general corporate purposes.

Jefferies LLC is acting as lead book running manager, whereas Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as book running managers for the offering.

IOVA was trading up by 25.05 percent at $11.44 per share in the pre-market trading on the Nasdaq.