Immunocore, the Oxford-based late-stage biotech has raised more than $258 million through an upsized initial public offering in the US. The American Depositary Shares (SDSs), are expected to begin trading on The Nasdaq Global Select Market today under the ticker symbol “IMCR.”
In addition, Immunocore has granted the underwriters a 30-day option to purchase up to an additional 1,490,384 ADSs at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on or about February 9, 2021, subject to customary closing conditions.
The Milton Park-based company is developing a novel class of T cell receptor (TCR) to treat diseases including cancer, infectious and autoimmune disease. The latest fund raise follows a $75 million Series C private financing round just last month. Led by an existing investor, the Series C financing included support from existing investors and funds and accounts managed by BlackRock.
Immunocore, based at Milton Park, Abingdon is a clinical-stage biotech company born out of the research labs at Oxford University in 2008. It is developing biological drugs, so called Immune mobilizing monoclonal T cell receptor (TCR) against cancer (ImmTAC) molecules, to treat cancer, autoimmune diseases and infectious diseases using soluble T-cell receptor (TCR) technology. As a result of substantial interest among the scientific community and excitement from investors, Immunocore has become a leading TCR company.
What makes the company’s biological therapeutic platform unique is its soluble format and ability to target intra cellularly processed proteins that are presented on the cell surface by human leukocyte antigen (HLA).
Targeting peptide-HLA complexes offers more opportunity to identify cancerous cells early, and the earlier they can be detected, the more chance there is of a positive outcome.