Iovance raises $219M for Phase II trials

Iovance Biotherapeutics (NASDAQ:IOVA) raised $219.3 million in a follow-on Friday 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. The company sold 22 million shares at $9.97. The prices matches its close of $9.97 on Thursday, 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...