Clinical-stage biopharmaceutical company IN8bio, Inc. (Nasdaq: INAB) began trading on the Nasdaq Global Market today under the symbol “INAB”. The firm’s initial public offering is looking to raise US$40.0 million and is expected to close on August 3, 2021.
The offering consists of 4,000,000 common shares selling at US$10.00 per share. The company intends to use the proceeds of its offering on advancing the development of its two lead product candidates in T-cell therapies for treating cancer.
The company granted a 30-day over-allotment option to purchase additional 600,000 common shares at the same IPO price. B. Riley Securities, Inc. is acting as the sole bookrunner for the said offering.
The New York-based biotech company is focused on developing and commercializing gamma-delta T cells to treat cancer patients. The firm reported US$8.6 million net loss in 2020 and an approximately US$15 million cash balance as of March 31, 2021
Information for this briefing was found via Sedar and IN8bio. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.