Transgene planning EUR 45.5 million rights issue

Transgene S.A. (Euronext:TNG) plans to raise EUR 45.5 million ($62.6 million) through the sale of 4.6 million shares at EUR 10 in a rights issue. The price is a 26% discount to the company's close of EUR 13.53 on Thursday, before the offering was announced. Shareholders are eligible to purchase one share for every seven held. Transgene said Institut Merieux committed to participate in the offering and will maintain its 54.9% stake.

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). ...