IO Biotech, Inc. Announces Closing of Initial Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares
IO Biotech has successfully closed its initial public offering (IPO), issuing 8,222,500 shares at $14.00 each, raising approximately $115.1 million before expenses. This includes the underwriters’ full option to purchase an additional 1,072,500 shares. The shares began trading on the Nasdaq under the symbol IOBT on November 5, 2021. Morgan Stanley, Jefferies, and Cowen acted as joint lead managers for the offering. The funds raised will support the development of IO Biotech's novel cancer therapies based on its T-win® technology.
- Raised approximately $115.1 million from the IPO to fund clinical studies.
- Successful full exercise of underwriters' option suggests strong market demand for shares.
- Potential dilution of shares due to the large number of shares issued.
WILMINGTON, Del., Nov. 09, 2021 (GLOBE NEWSWIRE) -- IO Biotech, Inc. (Nasdaq: IOBT) (“IO Biotech”) today announced the closing of its initial public offering of 8,222,500 shares of its common stock, including the exercise in full by the underwriters’ option to purchase 1,072,500 additional shares of common stock,] at the initial public offering price of
Morgan Stanley, Jefferies and Cowen acted as joint lead book-running managers for the offering. Kempen & Co acted as lead co-manager for the offering.
The offering was made only by means of a prospectus. A copy of the final prospectus may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at prospectus@morganstanley.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at prospectus_department@jefferies.com; and Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: +1-833-297-2926, Email: PostSaleManualRequests@broadridge.com.
A registration statement relating to the shares being sold in this offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of these securities under the securities laws of any such state or other jurisdiction.
About IO Biotech, Inc.
IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win® technology platform. The T-win® platform is a novel approach to cancer immunotherapy designed to activate naturally occurring T cells to target immunosuppressive mechanisms. IO Biotech is advancing in clinical studies its lead immuno-oncology candidate, IO102-IO103, targeting IDO and PD-L1, and through clinical and preclinical development its other pipeline candidates. IO Biotech is headquartered in Copenhagen, Denmark.
Company Contacts:
Mai-Britt Zocca, Ph.D.
CEO and founder of IO Biotech
mz@iobiotech.com
Keith Vendola, M.D.
CFO
IO Biotech, Inc.
kv@iobiotech.com
Investor Inquiries:
Corey Davis, Ph.D.
LifeSci Advisors
cdavis@lifesciadvisors.com
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