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Allogene Therapeutics (Nasdaq: ALLO), a clinical-stage biotech firm, announced a $110 million common stock offering, pricing 37,931,035 shares at $2.90 each. The offering, backed by mutual funds, institutional investors, and the company's board and executives, is expected to close by May 16, 2024. Managed by Goldman Sachs, the offering is under a shelf registration statement filed in March and declared effective by the SEC in April 2024. The proceeds will be used for continued development of their AlloCAR T™ products for cancer and autoimmune diseases.
Allogene Therapeutics reported first-quarter 2024 financial results and significant business updates. Key highlights include the expansion of CD19 oncology rights to all EU member states and the UK, increasing the potential market for Cema-Cel from $6 billion in the US to $9.5 billion combined. The pivotal Phase 2 ALPHA3 trial for LBCL is set to begin mid-2024, with initial data from the Phase 1 CLL trial expected by year-end 2024. The company also announced plans for ALLO-329, targeting autoimmune diseases, with IND submission by Q1 2025 and proof-of-concept data by YE 2025. Additionally, a $15 million grant from CIRM will support the Phase 1 TRAVERSE trial in RCC, with data updates expected by YE 2024. Financially, Allogene reported a net loss of $65 million for the quarter, with $397.3 million in cash and a projected cash runway into 2026.
Allogene Therapeutics, Inc. (Nasdaq: ALLO) will report first quarter 2024 financial results and provide a business update on May 13, 2024. The company specializes in allogeneic CAR T products for cancer and autoimmune disease. A live audio webcast and conference call will follow the announcement.
Allogene Therapeutics has been awarded a $15 million grant from the California Institute for Regenerative Medicine to advance the development of ALLO-316, an AlloCAR T™ product targeting CD70 for the treatment of advanced or metastatic renal cell carcinoma. The grant supports the Phase 1 TRAVERSE trial, showing promising early anti-tumor activity and deepening responses over time in participants with advanced RCC. ALLO-316 utilizes Dagger® technology to optimize CAR T cell expansion and persistence, potentially revolutionizing solid tumor treatment.
