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Neon Therapeutics discloses share count, price range for IPO

Neon Therapeutics Inc. plans to sell 6,250,000 common shares in its IPO at a price between $15 and $17 apiece.

The clinical-stage immuno-oncology company has granted the underwriters an option to buy up to 937,500 additional shares.

Certain of the company's existing stockholders and their affiliated entities have shown an interest in buying up to $35.0 million of the company's shares.

Neon Therapeutics, which is engaged in developing neoantigen-targeted therapies for cancers in the U.S., has applied to list its common stock on the Nasdaq Global Market under the symbol NTGN.

At an offering price of $16 per share, the company expects net proceeds of about $89.7 million, or about $103.6 million if the underwriters fully exercise their overallotment option.

The Cambridge, Mass.-based biotechnology company plans to use the net proceeds along with existing cash, cash equivalents and marketable securities and will use $40.0 million of the funds for the ongoing clinical development of its personal neoantigen vaccine NEO-PV-01.

About $40.0 million will be used to fund the company's preclinical programs and research activities, including costs related to the planned clinical development of its personal neoantigen T cell therapy NEO-PTC-01, among other things.

The remaining proceeds are expected to fund capital expenditures, working capital and other general corporate purposes.

Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC and Oppenheimer & Co. Inc. are acting as underwriters in the IPO.