Cancer biotech Turnstone Biologics (TSBX proposed) set terms for its $75.4 million IPO and launched the deal early today (Monday, July 17, 2023) for pricing at the end of the week. Turnstone’s launch marks the fourth biotech IPO this month. The La Jolla, California-based biotech plans to offer 5.8 million shares at $12.00 to $14.00. The IPO is expected to price Thursday night, July 20, to trade Friday, July 21, on the NASDAQ.
BofA Securities, Leerink & Piper Sandler are the joint book-runners.
The fast launch of Turner Biologics’ deal – the fourth biotech IPO this month – was viewed by some as a sign that this sector might be warming up slowly after being frozen for nearly two years. Last week, three biotech IPOs were priced – Apogee Therapeutics (APGE) and Sagimet Biosciences (SGMT) plus a tiny unit IPO, 60 Degrees Pharmaceuticals (SXTP/ SXTPW).
Turnstone Biologics is a Phase 1 clinical biotech company developing TILs – tumor-infiltrating lymphocytes – a type of cell therapy that harnesses the patient’s own immune cells to target their tumors and kill cancer cells. Turnstone has started two Phase 1 clinical trials for its lead candidate, TIDAL-01:
A multi-site trial to treat breast cancer, colorectal cancer, and uveal melanoma, which is a rare type of cancer of the eye, and
An investigator-sponsored trial with H. Lee Moffitt Cancer Center and Research Institute, in both cutaneous and non-cutaneous melanomas.