Transgene raises EUR 65.5 million
Transgene S.A. (Euronext:TNG) raised EUR 65.5 million ($90.4 million) in a combined rights issue and private placement. The company raised EUR 45.5 million ($62.8 million) through the sale of 4.6 million shares in the rights issue and EUR 20 million ($27.6 million) through the sale of 2 million shares in the private placement. The shares were sold at EUR 10, a 26% discount to the company's close of EUR 13.53 on Feb. 27, before Transgene said it planned to raise EUR 45.5 million in a rights issue. Shareholders were eligible to purchase one share for every seven held in the rights issue.
Early this summer, Transgene plans to start the Phase III portion of the Phase IIb/III TIME trial evaluating subcutaneous TG4010 for first-line non-small cell lung cancer (NSCLC). The company plans to use a "refined" biomarker threshold for selecting patients for the Phase III portion. TG4010 is a recombinant modified vaccinia Ankara (MVA) virus vector encoding the mucin 1 ( MUC1; CD227) tumor-associated antigen and IL-2 (see BioCentury Extra, Jan. 9). ...