Iovance closes $252M follow-on for Phase II trials

Iovance Biotherapeutics (NASDAQ:IOVA) closed a $252.2 million follow-on to fund five ongoing company-sponsored Phase II trials of its tumor infiltrating lymphocyte (TIL) cell therapies and prepare for potential launch of its lead TIL product. Iovance sold 22 million shares at $9.97 on Oct. 12, plus 3.3 million shares at the same price in an overallotment on Oct. 17. Jefferies was the sole underwriter. The prices matches its close of $9.97 on Oct. 11, when it proposed the offering after market hours.

Lead candidate lifileucel (LN-144) is in an international Phase II study to treat metastatic melanoma. The autologous T cell therapy utilizes TILs derived from the patient's tumor...