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Turning Point Therapeutics plans $100M IPO to develop cancer therapies

Turning Point Therapeutics Inc. plans to raise up to $100 million in an IPO.

The San Diego-based clinical-stage biopharmaceutical company, founded in 2013, filed to list its common stock on the Nasdaq Global Market under the ticker TPTX.

Turning Point expects to use net proceeds from the offering to further develop in a planned mid-stage study its drug, TPX-0005, also called repotrectinib, for treating certain patients with non-small cell lung cancer and advanced solid tumors. The company will also use proceeds to further develop preclinical candidates, including TPX-0046 and TPX-0022 to treat certain advanced solid tumors.

Goldman Sachs & Co. LLC, SVB Leerink, Wells Fargo Securities and Canaccord Genuity act as underwriters in the transaction.