TScan Therapeutics Announces $30 Million Registered Direct Offering at a 37% Premium
Rhea-AI Summary
TScan Therapeutics (NASDAQ: TCRX) has secured a $30 million registered direct offering through the sale of pre-funded warrants to Lynx1 Capital Management LP and its advised fund. The warrants, priced at $4.00 each, will allow the purchase of up to 7,500,000 shares of voting common stock at $0.0001 per share, representing a 37% premium to the last closing price and a 34% premium over the 10-day volume weighted average closing price.
The financing, expected to close around December 27, 2024, extends TScan's operational runway from Q4 2026 to Q1 2027. The transaction builds upon Lynx1's existing investment in TScan, demonstrating continued support for the company's development of TCR-T cell therapies for cancer treatment.
Positive
- Secured $30M financing at a 37% premium to market price
- Extended cash runway into Q1 2027
- Strong support from existing investor showing confidence in company
- No immediate dilution due to warrant structure
Negative
- Future dilution potential when warrants are exercised
- Reliance on single investor for significant funding
News Market Reaction
On the day this news was published, TCRX gained 6.87%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
WALTHAM, Mass., Dec. 26, 2024 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today announced that it has entered into a securities purchase agreement with Lynx1 Capital Management LP (Lynx1) and an investment fund advised by Lynx1 for the sale of approximately
“Lynx1 has been a long-standing and supportive TScan shareholder. We are very appreciative of Lynx1’s continued support and commitment to our mission of delivering life-changing TCR-T cell therapies to patients with cancer, as evidenced by this additional and substantial investment in TScan at a
“We recently reaffirmed that our cash resources were expected to fund our operations into the fourth quarter of 2026. With the incremental
A registration statement on Form S-3 (File No. 333-268260) relating to these securities were filed with the Securities and Exchange Commission (the SEC) on November 9, 2022 and was declared effective by the SEC on May 16, 2023. A final prospectus supplement and accompanying prospectuses relating to the offering will be filed with the SEC. These documents will be available for free on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About TScan Therapeutics, Inc.
TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company’s lead TCR-T therapy candidates are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHATM Phase 1 heme trial). The Company has developed and continues to expand its ImmunoBank, the Company’s repository of therapeutic TCRs that recognize diverse targets and are associated with multiple HLA types, to provide customized multiplex TCR-T therapies for patients with a variety of cancers (the PLEXI-TTM Phase 1 solid tumor trial). The Company is currently enrolling patients into both clinical programs.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These and other risks are discussed in TScan’s filings with the SEC, including, without limitation, its most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and its periodic reports on Form 8-K, as well as the risks identified in the registration statements and the preliminary prospectus supplement relating to the offering. TScan intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “may,” “might,” “advance,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan,” “on track,” or similar expressions or the negative of those terms. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Any forward-looking statements contained in this release represent TScan’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, TScan explicitly disclaims any obligation to update any forward-looking statements.
Contacts
Heather Savelle
TScan Therapeutics, Inc.
VP, Investor Relations
857-399-9840
hsavelle@tscan.com
Maghan Meyers
Argot Partners
212-600-1902
TScan@argotpartners.com
FAQ
What is the size and terms of TScan Therapeutics' (TCRX) December 2024 offering?
How long will TCRX's cash runway extend after the December 2024 financing?
Who is the primary investor in TCRX's December 2024 warrant offering?
What premium does TCRX's December 2024 warrant offering represent?
