IO Biotech, Inc. Announces Pricing of Initial Public Offering
IO Biotech announced the pricing of its initial public offering (IPO) of 7,150,000 shares at $14.00 per share, totaling approximately $100.1 million before fees. Trading is set to begin on Nasdaq under the symbol IOBT on November 5, 2021, with the offering closing expected on November 9, 2021, pending customary conditions. Additionally, underwriters have a 30-day option to purchase up to 1,072,500 additional shares. The offering is led by Morgan Stanley, Jefferies, and Cowen.
- Gross proceeds of approximately $100.1 million will bolster financial resources for clinical studies.
- Expected trading debut on Nasdaq creates visibility and liquidity for shareholders.
- Potential shareholder dilution from the additional 1,072,500 shares if underwriters exercise their option.
WILMINGTON, Del., Nov. 04, 2021 (GLOBE NEWSWIRE) -- IO Biotech, Inc. (Nasdaq: IOBT) (“IO Biotech”) today announced the pricing of its initial public offering of 7,150,000 shares of its common stock at a public offering price of
Morgan Stanley, Jefferies and Cowen are acting as joint lead book-running managers for the offering. Kempen & Co is acting as lead co-manager for the offering.
The offering is being made only by means of a prospectus. When available, 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 the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or 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, MD
Chief Financial Officer
IO Biotech, Inc.
kv@iobiotech.com
Investor Inquiries:
Corey Davis
LifeSci Advisors
cdavis@lifesciadvisors.com
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