Alaunos Therapeutics Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Alaunos Therapeutics, Inc. (TCRT) has announced an underwritten public offering of its common stock, with a 30-day option for the underwriter to purchase an additional 15% of shares. The proceeds will be used to support product development, working capital, and general corporate purposes. Cantor Fitzgerald & Co. is the sole book-running manager. The offering is contingent upon market conditions and may not proceed as planned. The registration statement for this offering was declared effective on September 7, 2022, with relevant documents available through the SEC.

Positive

• Funding aimed at supporting continued development of product candidates in the pipeline.
• Potential to enhance working capital and facilitate corporate growth.

Negative

• Underwritten public offering could dilute existing shareholders.
• Market uncertainties surrounding the completion and terms of the offering.

HOUSTON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Alaunos Therapeutics, Inc. (“Alaunos” or the “Company”) (Nasdaq: TCRT), a clinical-stage oncology-focused cell therapy company, today announced that it has commenced an underwritten public offering of its common stock. In addition, Alaunos expects to grant to the underwriter a 30-day option to purchase up to an additional 15% of shares of the common stock sold in the public offering. All of the securities in the offering are to be sold by Alaunos. The offering is subject to market and other customary closing conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Alaunos intends to use the net proceeds from the proposed offering to fund the continued development of the product candidates in its pipeline, and for working capital, capital expenditures and general corporate purposes.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

A registration statement on Form S-3 (No. 333-266841) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on September 7, 2022. The offering will be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov.

Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 4th Floor, New York, New York 10022, or by e-mail at prospectus@cantor.com.

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Alaunos Therapeutics
Alaunos is a clinical-stage oncology-focused cell therapy company, focused on developing T cell receptor (TCR) therapies based on its proprietary, non-viral Sleeping Beauty gene transfer technology and its TCR library targeting shared tumor-specific hotspot mutations in key oncogenic genes including KRAS, TP53 and EGFR. The Company has a clinical and strategic collaboration with the National Cancer Institute.

Forward-Looking Statements Disclaimer
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, and in some cases can be identified by terms such as “may,” “will,” “could,” “expects,” “plans,” “anticipates,” “believes” or other words or terms of similar meaning. These statements include, but are not limited to, statements regarding the completion of the proposed public offering and the use of proceeds, the Company's business and strategic plans, the anticipated outcome of preclinical and clinical studies by the Company or its third-party collaborators, the Company’s manufacturing capabilities and the timing of the Company's research and development programs, including the expected timeline for enrolling and dosing patients and the timing and forums for announcing data from the Company's clinical trials. Although the management team of Alaunos believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Alaunos, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, among other things, risks and uncertainties associated with the Company’s satisfaction of the customary closing conditions of the offering, changes in the Company’s operating plans that may impact its cash expenditures; the uncertainties inherent in research and development, future clinical data and analysis, including whether any of Alaunos’ product candidates will advance further in the preclinical research or clinical trial process, including receiving clearance from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies to conduct clinical trials and whether and when, if at all, they will receive final approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies and for which indication; the strength and enforceability of Alaunos’ intellectual property rights; and competition from other pharmaceutical and biotechnology companies as well as risk factors discussed or identified in the public filings with the SEC made by Alaunos, including those risks and uncertainties listed in the most recent periodic report filed by Alaunos with the SEC. Alaunos is providing this information as of the date of this press release, and Alaunos does not undertake any obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.

Investor Relations Contact:
Alex Lobo
Stern Investor Relations
Alex.lobo@sternir.com

FAQ

What is the purpose of Alaunos Therapeutics' public offering on November 28, 2022?

The offering aims to fund the continued development of its product candidates, alongside general corporate purposes.

How much is Alaunos Therapeutics planning to raise in its public offering?

The specific size of the offering has not been disclosed and is subject to market conditions.

Who is managing the public offering for Alaunos Therapeutics?

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

What is the impact of the public offering on current shareholders of TCRT?

The public offering may lead to shareholder dilution, depending on the size of the offering and the potential additional shares sold.

When was the registration statement for the offering declared effective?

The registration statement was declared effective on September 7, 2022.