Iovance Biotherapeutics 22M share spot secondary priced at $9.97
Iovance Biotherapeutics announced the pricing of an underwritten public offering of 22M shares of its common stock at a public offering price of $9.97 per share, or yesterday's closing price. The gross proceeds from the offering are expected to be $219.3M. In addition, Iovance has granted the underwriters a 30-day option to purchase up to 3.3M additional shares of common stock at the public offering price. The offering is expected to close on or about October 16. Jefferies is acting as sole book-running manager for the offering. Iovance intends to use the proceeds to fund the expansion of its organization to support the potential commercial launch of lifileucel and to fund its commercial manufacturing capabilities and facilities.