TScan Therapeutics drops on pricing $140 mln stock offering

Tscan Therapeutics

26/05/2023 11:11

** TScan Therapeutics Inc's  TCRX.O  shares down 12.8% at
$2.12 premarket after overnight follow-on prices
    ** Cancer therapy developer announces 70 mln shares,
including ~47 mln pre-funded warrants to purchase shares, at $2
    ** Offering price represents 17.7% discount to last sale
    ** Co, which had ~$96 mln of cash at end-Mar  plans to use
net offering proceeds for general purposes
    ** TScan has ~24.2 mln shares outstanding and ~18 mln shares
of free float, per Refinitiv
    ** TCRX surged 51% to close at $3.40 on May 9 after co
received $30 mln as part of multi-year collaboration with Amgen
Inc  AMGN.O  to develop drugs to treat Crohn’s disease
    ** Co also eligible to receive up to $500 mln in clinical
and commercial milestones as part of deal
    * Morgan Stanley and Wedbush jt bookrunners for offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))