Immunocore has a sip with USD140m private placement

Immunocore Holdings plc (Nasdaq: IMCR), a biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, today announced that it has agreed to sell an aggregate of 3,733,333 ordinary shares, consisting of 2,000,000 American Depository Shares (the ADSs) with each ADS representing one ordinary share, and 1,733,333 non-voting ordinary shares, to certain institutional accredited investors through a private investment in public equity (PIPE) financing at a price per ADS/non-voting ordinary share of $37.50. Immunocore anticipates that gross proceeds from the PIPE will be approximately $140 million.

The PIPE financing included participation from existing investors including RTW Investments, LP, Rock Springs Capital, and General Atlantic. Immunocore expects to use the proceeds from the PIPE to fund its oncology and infectious disease clinical pipeline including the continued clinical development of tebentafusp in advanced cutaneous melanoma and ImmTAC clinical candidates targeting MAGE-A4 and PRAME. The proceeds will also be used for "working capital and other general corporate purposes" as the company stated.

The spinout of German Medigene, Immunocore, is leading the field of T-Cell immunology companies in gaining approval by the FDA in late 2021 for KIMMTRAK. Around since 2008, a real boost for the company came in 2015 by a financing round lead by former Immunocore CEO Eliot Forster and adding Bahija Jallal as new CEO who had a track record with AstraZeneca and bringing MedImmune over the approval line. The TCR-I/O field is busy with companies like TCR2 Therapeutics, Immatics and newly founded Affini-T all heading for later clinical progress.

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