Turnstone Biologics Corp. Announces Pricing of Upsized Initial Public Offering
July 21 2023 - 1:15AM
Turnstone Biologics Corp. (“Turnstone” or the “Company”) (Nasdaq:
TSBX), a clinical-stage biotechnology company developing new
medicines to treat and cure solid tumors by pioneering a
differentiated approach to tumor-infiltrating lymphocyte (TIL)
therapy, today announced the pricing of its upsized initial public
offering of 6,666,667 shares of common stock at a price to the
public of $12.00 per share. All shares of common stock are being
offered by Turnstone. The gross proceeds to Turnstone from the
offering, before deducting underwriting discounts and commissions
and other offering expenses payable by Turnstone, are expected to
be $80.0 million. In addition, Turnstone has granted the
underwriters a 30-day option to purchase up to an additional
1,000,000 shares of common stock at the initial public offering
price, less underwriting discounts and commissions.
The shares are expected to begin trading on the
Nasdaq Global Select Market on July 21, 2023 under the
symbol “TSBX”. The offering is expected to close on July 25,
2023, subject to the satisfaction or waiver of customary closing
conditions.
BofA Securities, Leerink Partners and Piper
Sandler & Co. are acting as joint book-running managers for the
offering.
Registration statements relating to the
securities being offered and sold in this offering have been filed
with the U.S. Securities and Exchange Commission (SEC) and became
effective on July 20, 2023. Copies of the registration statements
can be accessed through the SEC’s website at www.sec.gov. This
offering is being made only by means of a prospectus forming part
of the registration statements relating to these securities. When
available, a copy of the final prospectus relating to this offering
may be obtained from: BofA Securities, Attn: Prospectus Department,
NC1-004-03-43, 201 North Tryon, Charlotte, NC 28255, Mail Code
NC1-022-02-25, dg.prospectus_requests@bofa.com; Leerink Partners,
Attention: Syndicate Department, 53 State Street, 40th Floor,
Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or
by email at syndicate@leerink.com; or Piper Sandler & Co., 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus
Department, by telephone at (800) 747-3924, or by e-mail at
prospectus@psc.com.
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
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 jurisdiction.
About Turnstone
Turnstone Biologics is a clinical-stage biotechnology company
developing new medicines to treat and cure solid tumors by
pioneering a differentiated approach to TIL therapy. Turnstone’s
innovative TIL therapy is based upon the identification, selection,
and expansion of the most potent tumor-reactive T cells, known as
Selected TILs, and is designed to overcome the limitations of
first-generation bulk TILs that have demonstrated objective
responses only in limited tumor types. Turnstone’s most advanced
program, TIDAL-01, is currently being evaluated in two Phase 1
studies in patients with melanoma, breast cancer, and colorectal
cancer, and the Company is also actively advancing its preclinical
pipeline programs including TIDAL-02, its next Selected TIL
program, and its TIDAL-01 and viral immunotherapy combination
program.
Contact:Turnstone Biologics
Corp.Ahmed AneiziInvestor
Relationsahmed.aneizi@turnstonebio.com +1 (347) 897-5988
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