Shares of TScan Therapeutics, Inc. (TCRX), a clinical-stage biotechnology company specializing in T cell receptor-engineered therapies for cancer, are surging in premarket trading after announcing a $30 million registered direct offering.
The company has entered into a securities purchase agreement with Lynx1 Capital Management LP and an investment fund advised by Lynx1, for the sale of pre-funded warrants to purchase up to 7.5 million shares of its common stock for $4.00 per warrant, with an exercise price of $0.0001 per share.
The offering price represents a 37 percent premium to the company's last closing stock price and a 34 percent premium over the 10-day volume-weighted average closing price.
The financing is expected to close on or about December 27, 2024, subject to customary closing conditions.
TScan CEO Gavin MacBeath expressed gratitude for Lynx1's continued support, emphasizing the firm's commitment to advancing TScan's mission of delivering life-changing therapies to cancer patients.
The additional $30 million in gross proceeds will extend TScan's cash resources, allowing the company to fund operations through the first quarter of 2027.
The company's clinical programs, which include trials for hematologic malignancies and solid tumors, are progressing with patient enrollment currently underway.
TCRX closed Tuesday's (Dec. 24, 2024) trading at $2.91, down 3.32%. In premarket trading, the stock is up 20.27% at $3.50.
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