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IPO Alert: Gracell Biotechnologies (GRCL)

gracellbiotechnologies jan09 lt

Gracell Biotechnologies is scheduled to make its debut on the Nasdaq Global Select Market today (January 8), under the ticker symbol "GRCL."

The Suzhou, China-based Gracell Biotechnologies is a global clinical-stage biopharmaceutical company developing CAR-T cell therapies for cancer through its proprietary technology platforms—FasTCAR and TruUCAR.

The company has offered to sell 11.0 million American depositary shares at a price of $19 per ADS. The underwriters have an option for a period of 30 days to purchase up to an additional 1.65 million ADSs. The aggregate gross proceeds are expected to be $209.0 million. The global offering is scheduled to close on January 12, 2021.

Underwriters of the IPO:

Citigroup Global Markets, Inc., Jefferies LLC, Piper Sandler & Co. and Wells Fargo Securities, LLC

Pipeline:

The company's lead FasTCAR-enabled candidate, GC012F, is under an investigator-initiated phase 1 trial in patients with relapsed or refractory multiple myeloma (R/R MM) in China. The company expects to seek FDA clearance to initiate a phase I trial in the U.S. in the second half of this year.

GC027, the company's lead TruUCAR allogeneic product candidate, is also under an investigator-initiated phase 1 trial in relapsed or refractory T cell acute lymphoblastic leukemia patients in China. The company is expected to file an Investigational New Drug Application with the U.S. FDA, seeking clearance for a phase I trial in 2022.

GC019F, a FasTCAR-enabled CD19-directed autologous CAR-T product candidate in development for the treatment of adult B cell acute lymphoblastic leukemia has completed investigator-initiated Phase 1 trial across multiple centers in China.

GC007F, a FasTCAR-enabled CD19-directed autologous CAR-T product candidate in development for the treatment of B-Cell Non-Hodgkin Lymphoma is under an investigator-initiated Phase 1 trial across multiple centers in China.

GC007g, a donor-derived CD19-directed allogeneic CAR-T cell therapy, in development for the treatment of B cell acute lymphoblastic leukemia has completed investigator-initiated phase I trial.

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