Italian Rare Cancer Biotech Genenta Science Raises $36 Million in U.S. IPO
December 15, 2021
Genenta Science, a clinical-stage biotech developing hematopoietic stem progenitor cell immuno-gene therapy for solid tumors, raised $36 million in an upsized initial public offering of 2.4 million American Depositary Shares, each representing one ordinary share, at a public offering price of $11.50 per share.
Genenta also sold 720,114 ordinary shares reserved for subscription by its existing shareholders at a price of $11.50 per share. The gross proceeds from the offering, including ordinary shares, are expected to be approximately $36 million before deducting underwriting and advisory fees and offering expenses. In addition, Genenta has granted the underwriters an option to purchase an additional 360,000 ADSs, which, if exercised, will bring the gross proceeds from the offering to approximately $40 million.
The shares will begin trading on the Nasdaq Capital Market under the ticker symbol “GNTA.”
Genenta’s lead and only drug candidate, Temferon, is based on ex-vivo gene transfer into autologous hematopoietic stem/progenitor cells (HSPCs) to deliver immunomodulatory molecules directly via tumor-infiltrating monocytes/macrophages (Tie2 Expressing Monocytes – TEMs).
Genenta’s platform technology is not restricted to pre-selected tumor antigens nor type and may reach solid tumors, one of the main unresolved challenges in immuno-oncology. Temferon carries interferon-alpha (IFN-α), a well-known therapeutic that was previously administered intravenously for treatment of various cancers but is currently rarely used due to its systemic toxicity.
Genenta is studying the experimental drug in a phase 1/2a clinical trial in newly diagnosed Glioblastoma Multiforme patients who have an unmethylated MGMT gene promoter (uMGMT-GBM). The company expects to complete patient enrollment and treatment by the second quarter of 2022 and had dosed 15 patients as of November 15, 2021.
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