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Neoleukin Therapeutics raises $86.2M via stock offering

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Neoleukin Therapeutics raises $86.2M via stock offering

Neoleukin Therapeutics Inc. raised about $86.2 million in gross proceeds from a common stock offering after underwriters fully exercised their option to purchase additional shares.

The Seattle-based biotechnology company sold 10,263,750 shares for $8.40 each, including the 1,338,750 additional shares purchased by underwriters.

Neoleukin Therapeutics, which develops immunotherapies for cancer, inflammation and autoimmunity, plans to use the net proceeds to primarily advance the clinical development of the company's experimental treatment NL-201.

The company will also use the proceeds to develop its preclinical pipeline and to fund working capital and for general corporate purposes, including capital improvements to properties it leases.

BofA Securities, Piper Jaffray and Guggenheim Securities were the joint book-running managers of the offering, with Canaccord Genuity serving as lead manager.