Unum dips after pricing IPO at bottom end of range

Unum Therapeutics Inc. (NASDAQ:UMRX) slipped $0.89 to $11.11 in its first day of trading Thursday after it raised $69.2 million through the sale of 5.8 million shares at $12 in an IPO underwritten by Morgan Stanley, Cowen, SunTrust Robinson Humphrey and Wedbush PacGrow. The price, which was at the bottom end of Unum's proposed range of $12-$14, valued the immuno-oncology company at $355 million.

Unum is developing cancer immunotherapies based on its antibody-coupled T cell receptor (ACTR) technology. A Phase I study is ongoing of its lead program, ACTR087, in combination with Rituxan rituximab to treat relapsed or refractory non-Hodgkin's lymphoma (NHL). In its IPO registration statement, Unum disclosed that FDA placed a clinical hold on the study in December 2017 following two deaths among 17 evaluable patients. The agency lifted the hold last month (see BioCentury Extra, March 9)...