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Immunotherapy company TCR2 Therapeutics plans $100M IPO

Immunotherapy company TCR2 Therapeutics Inc., formerly known as TCR2 Inc., plans to sell up to $100 million of its common shares in an IPO.

The Cambridge, Mass.-based developer of T cell therapies for different types of cancer has applied to list its common stock on the Nasdaq Global Market under the symbol TCRR.

The company plans to use the net proceeds from the IPO with existing cash, cash equivalents and short-term investments to fund the phase 1/2 studies of its experimental treatment TC-210 for mesothelin-positive non-small cell lung cancer, ovarian cancer, malignant pleural mesothelioma and cholangiocarcinoma.

In addition, the proceeds will be used to fund the phase 1 study of the experimental therapy TC-110 targeting CD19-positive B-cell hematological malignancies and the phase 1/2 study of the experimental treatment TC-220 for patients with MUC16-positive ovarian cancer.

The proceeds will also be used for manufacturing activities relating to these studies, to fund new and ongoing research and development activities, working capital and other general corporate purposes.

Jefferies LLC, Leerink Partners LLC, BMO Capital Markets Corp., Wedbush Securities Inc. and China Renaissance Securities (Hong Kong) Ltd. are serving as underwriters for the IPO.

Garry Menzel, who has previously led the biotechnology practices for Goldman Sachs & Co. LLC and Credit Suisse Group AG, is serving as CEO of the company.

TCR2 has raised about $170 million in capital from investors, including founding investors MPM Capital and F2 Ventures, as well as 6 Dimensions Capital, ArrowMark Partners, Cathay Fortune Capital, Curative Ventures, Hillhouse Capital Group, MiraeAsset Financial Group and Redmile Group LLC.