Sept. 6 Financial Quick Takes: Turning Point, uniQure raise follow-ons; plus Autolus, Frequency, ADC

Turning Point, uniQure price follow-ons
Turning Point Therapeutics Inc. (NASDAQ:TPTX) and uniQure N.V. (NASDAQ:QURE) raised a total of nearly $428 million in follow-on offerings priced late Thursday.

Days after a readout from the first part of a Phase I/II trial of its lead candidate repotrectinib, Turning Point raised $202.5 million through the sale of 4.5 million shares at $45. The price is a 12% discount to the company’s closing price of $51.01 on Tuesday, when it proposed the offering after market hours. On Tuesday, the company reported interim data from the Phase I portion of the TRIDENT-1 study showing that the inhibitor of ALK, ROS1, TrkA, TrkB and TrkC had a confirmed overall response rate of 91% in tyrosine kinase inhibitor (TKI)-naive, ROS1-positive patients with non-small cell lung cancer (NSCLC). TRIDENT-1's Phase II portion is in progress.

uniQure raised $225 million in an upsized follow-on through the sale of 4.9 million shares at $46. The price is an 18% discount to uniQure's close at $55.91 on Wednesday, when it proposed after market close to raise $200 million. Together with its cash holdings, uniQure expects the funds to support operations into 2022. The company said Tuesday it will over-enroll the Phase III HOPE-B trial of its lead gene therapy candidate etranacogene dezaparvovec (AMT-061) to treat hemophilia B; it has already reached its original enrollment goal.

Autolus gets bounce after block trade revealed
Shares of T cell therapy developer Autolus Therapeutics plc (NASDAQ:AUTL) gained 44% across Thursday and Friday's trading sessions after news came to light of a 7.3 million-share block trade, which analysts and published reports citing undisclosed sources have described as a sale by Woodford Investment Management. Arix Bioscience plc (LSE:ARIX) was cited by at least one report as a buyer, but a spokesperson for the firm told BioCentury that it was not. An Autolus spokesperson acknowledged the trade but declined to name the seller or buyer or buyers. Woodford has experienced a series of troubles this year that have followed a long period of its flagship fund’s underperformance (see "Discounts Likely for Woodford Assets").

Frequency, ADC seeking NASDAQ listings
Frequency Therapeutics Inc. (Woburn, Mass.) and ADC Therapeutics S.A. (Epalinges, Switzerland) are planning to go public on NASDAQ. Frequency filed to raise up to $100 million through a listing underwritten by J.P. Morgan, Goldman Sachs, Cowen and Mizuho. The company's plans for the funds include a Phase IIa trial of its lead regenerative therapy FX-322 for hearing loss slated for next quarter. In July, the company raised a $62 million series C round (see "Frequency Raises $62M to Fund Phase II of Hearing Loss Therapy").

ADC Therapeutics filed to raise up to $150 million in its listing, seeking to add to the $182 million in cash it held in June. Underwriters are Morgan Stanley, BofA Securities and Cowen. The company has six antibody-drug conjugates in preclinical to Phase II testing for various solid tumors and hematological malignancies.

Targets: ALK - Anaplastic lymphoma kinase; ROS1 - c-ros proto-oncogene 1 receptor tyrosine kinase; TrkA (NTRK1) - Neurotrophic tyrosine kinase receptor 1; TrkB (NTRK2) - Neurotrophic tyrosine kinase receptor 2; TrkC (NTRK3) - Neurotrophic tyrosine kinase receptor 3

User Sign In

Article Purchase

This article may not be distributed to non-subscribers