Clinical-stage biotechnology company Turnstone Biologics Corp has filed for an $86 million IPO on the Nasdaq.
The San Diego-based firm, which is developing next-generation immunotherapies to treat solid tumors, plans to trade on the US exchange under the ticker symbol ‘TSBX.’
The total offering amount is expected to be $86.25 million, according to documents filed with the Securities and Exchange Commission.
Bank of America, SVB, and Piper Sandler are acting as joint book-runners.
Led by CEO Sammy Farah, Turnstone’s leading therapy, TIDAL-01, is currently being evaluated in two Phase 1b studies in patients with melanoma, breast cancer, and colorectal cancer.
Turnstone says its tumor-infiltrating lymphocyte (TIL) therapy is based on the identification, selection, and expansion of the most potent tumor-reactive T cells, known as Selected TILs, which have the potential to extend therapeutic benefit and curative outcomes to a broader set of solid tumor indications.
Turnstone’s filing is welcome news for biotech investors, who have been given little to cheer about in the form of IPOs lately.
The sector is coming off one of its worst-performing quarters in years.
One notable exception is Acelyrin, which successfully completed a $540 IPO in the largest biotech IPO in the United States since early 2021.
That said, the biotech sector has witnessed only a limited number of listings thus far. Notable among these were Mineralys' successful raise of $192 million and Structure Therapeutics' listing that secured $161 million in February. In January, Genelux and Cadrenal Therapeutics (NASDAQ:CVKD) also managed to raise $15 million and $7 million, respectively.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas