TScan Therapeutics rises after upsized $150 mln stock offering

Tscan Therapeutics

17/04/2024 14:10

** Shares of TScan Therapeutics  TCRX.O  up 2.4% at $7.30
premarket after biopharma raises more equity than targeted
    ** Cancer-focused firm announces ~21.1 mln shares, including
~18.6 mln pre-funded warrants, at $7.13 for ~$150 mln gross
proceeds
    ** Offering size boosted from $125 mln, and priced in-line
with stock's last sale on Tues
    ** Morgan Stanley and TD Cowen are jt bookrunners
    ** Co intends to use net proceeds for general purposes, and
said expects along with existing cash (~$163 mln as of Mar 31)
to fund opex and capex into Q4 2026
    ** With ~47.9 mln shares outstanding, co has ~$342 mln
market cap
    ** Last week, co appointed hematology and oncology expert
Chrystal U. Louis, M.D., M.P.H., as Chief Medical Officer
    ** Through Tues close, TCRX shares up 22% YTD. Stock ended
2022 at $1.55

 (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))