The IPO Buzz: CytoMed Therapeutics Prices its Micro-Cap IPO at $4.00 – Low End

CytoMed Therapeutics Limited (GDTC) priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – on 2.41 million ordinary shares – the same number (2,412,369 shares) as in the prospectus – on Thursday night (April 13, 2023). The Malaysian pre-clinical cancer biotech’s IPO raised $9.65 million. The stock in the IPO was sold by the Singapore-based holding company – and not by the underlying Malaysian biopharma. CytoMed Therapeutics’ stock is expected to start trading Friday (April 14, 2023) on the NASDAQ.

The Benchmark Company and Axiom Capital Management are the joint book-runners.

CytoMed, founded in 2013, has created two novel cell-based platform technologies that use either healthy donor blood cells or iPSCs (induced Pluripotent Stem Cells) as starting materials. These platform technologies avoid the limitations and complications of using a cancer patient’s own blood cells – and no matching is required between the donor and the recipient, according to the prospectus.

The goal is to use these platforms to develop cell-based therapies – similar to those used to treat B-cell malignancies (lymphomas) – and fine-tune those therapies to treat a broad range of cancers involving solid tumors. The platform technologies would expedite the manufacturing of “off-the-shelf” cell-based cancer therapies.

CytoMed says it has three drug product candidates:

  • CTM-N2D – It expects to recruit its first patient in the second half of 2023 for the ANGELICA clinical trial of its CTM-N2D drug candidate in Singapore. The National University Hospital Singapore will conduct that trial. In the prospectus, CytoMed says that it expects to expand its pipeline further in Phase II trials of CTM-N2D therapy for specific cancer indications.
  • iPSC-gdNKT platform – It plans to begin pre-clinical studies after 2024 for its iPSC-gdNKT platform.
  • CTMGDT – This product candidate consists of expanded gamma delta T cells (GDTCs) and exploits the GDTCs’ multiple recognition system to recognize and treat a broad range of cancers.

The company is not profitable: Net loss of $1.51 million on no revenues for the 12 months that ended June 30, 2022.