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TScan Therapeutics Announces $30 Million Registered Direct Offering at a 37% Premium

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TScan Therapeutics (NASDAQ: TCRX) has secured a $30 million registered direct offering through the sale of pre-funded warrants to Lynx1 Capital Management LP and its advised fund. The warrants, priced at $4.00 each, will allow the purchase of up to 7,500,000 shares of voting common stock at $0.0001 per share, representing a 37% premium to the last closing price and a 34% premium over the 10-day volume weighted average closing price.

The financing, expected to close around December 27, 2024, extends TScan's operational runway from Q4 2026 to Q1 2027. The transaction builds upon Lynx1's existing investment in TScan, demonstrating continued support for the company's development of TCR-T cell therapies for cancer treatment.

TScan Therapeutics (NASDAQ: TCRX) ha ottenuto un'offerta diretta registrata di 30 milioni di dollari tramite la vendita di warrant pre-finanziati a Lynx1 Capital Management LP e al fondo da esso consigliato. I warrant, valutati a 4,00 dollari ciascuno, permetteranno l'acquisto di fino a 7.500.000 azioni di azioni ordinarie con diritto di voto a 0,0001 dollari per azione, rappresentando un 37% di premio rispetto all'ultimo prezzo di chiusura e un premio del 34% rispetto al prezzo medio ponderato per il volume delle chiusure negli ultimi 10 giorni.

Il finanziamento, che dovrebbe concludersi attorno al 27 dicembre 2024, estende la capacità operativa di TScan da Q4 2026 a Q1 2027. La transazione si basa sull'investimento esistente di Lynx1 in TScan, dimostrando un continuo supporto per lo sviluppo da parte dell'azienda delle terapie cellulari TCR-T per il trattamento del cancro.

TScan Therapeutics (NASDAQ: TCRX) ha asegurado una oferta directa registrada de 30 millones de dólares a través de la venta de opciones prefinanciadas a Lynx1 Capital Management LP y su fondo asesorado. Las opciones, valoradas en 4,00 dólares cada una, permitirán la compra de hasta 7,500,000 acciones ordinarias con derecho a voto a 0,0001 dólares por acción, representando un 37% de prima sobre el último precio de cierre y un 34% de prima sobre el precio promedio ponderado por volumen de las últimas 10 jornadas de cierre.

El financiamiento, que se espera cerrar alrededor del 27 de diciembre de 2024, amplía la capacidad operativa de TScan de Q4 2026 a Q1 2027. La transacción se basa en la inversión existente de Lynx1 en TScan, mostrando un apoyo continuo para el desarrollo de las terapias celulares TCR-T para el tratamiento del cáncer.

TScan Therapeutics (NASDAQ: TCRX)는 Lynx1 Capital Management LP와 그 자문 기금에 대한 선 자금 배당금 판매를 통해 3000만 달러의 등록 직접 공모를 확보했습니다. 각 4.00달러로 책정된 이 배당금은 0.0001달러에 일반 투표 주식 7,500,000주를 구매할 수 있도록 허용하며, 이는 마지막 종가에 대해 37%의 프리미엄을 나타내며 지난 10일 거래량 가중 평균 종가에 대해 34%의 프리미엄을 나타냅니다.

2024년 12월 27일경에 마감될 것으로 예상되는 이번 자금 조달은 TScan의 운영 기간을 2026년 4분기에서 2027년 1분기로 연장합니다. 이번 거래는 TScan에 대한 Lynx1의 기존 투자를 기반으로 하며, 암 치료를 위한 TCR-T 세포 요법 개발에 대한 지속적인 지원을 보여줍니다.

TScan Therapeutics (NASDAQ: TCRX) a obtenu une offre directe enregistrée de 30 millions de dollars grâce à la vente de bons préfinancés à Lynx1 Capital Management LP et à son fonds conseillé. Les bons, évalués à 4,00 dollars chacun, permettront l'achat de jusqu'à 7 500 000 actions ordinaires avec droit de vote à 0,0001 dollar par action, représentant une prime de 37% par rapport au dernier prix de clôture et une prime de 34% par rapport au prix moyen pondéré par le volume des clôtures des 10 derniers jours.

Le financement, dont la clôture est prévue autour du 27 décembre 2024, prolonge la marge opérationnelle de TScan de T4 2026 à T1 2027. La transaction repose sur l'investissement existant de Lynx1 dans TScan, montrant un soutien continu au développement des thérapies cellulaires TCR-T pour le traitement du cancer.

TScan Therapeutics (NASDAQ: TCRX) hat eine direkte, registrierte Kapitalerhöhung über 30 Millionen US-Dollar durch den Verkauf von vorfinanzierten Optionsscheinen an Lynx1 Capital Management LP und dessen beratenen Fonds gesichert. Die Optionsscheine, die jeweils mit 4,00 US-Dollar bewertet sind, ermöglichen den Erwerb von bis zu 7.500.000 stimmberechtigten Stammaktien zu 0,0001 US-Dollar pro Aktie, was einen 37% Aufschlag auf den letzten Schlusskurs und einen 34% Aufschlag auf den volumengewichteten Durchschnittspreis der letzten 10 Tage darstellt.

Die Finanzierung, die voraussichtlich um den 27. Dezember 2024 abgeschlossen sein wird, verlängert die operative Laufzeit von TScan von Q4 2026 auf Q1 2027. Die Transaktion baut auf Lynx1s bestehender Investition in TScan auf und zeigt eine kontinuierliche Unterstützung für die Entwicklung von TCR-T Zelltherapien zur Krebsbehandlung.

Positive
  • Secured $30M financing at a 37% premium to market price
  • Extended cash runway into Q1 2027
  • Strong support from existing investor showing confidence in company
  • No immediate dilution due to warrant structure
Negative
  • Future dilution potential when warrants are exercised
  • Reliance on single investor for significant funding

Insights

This $30 million registered direct offering represents a strategic financial move with several notable aspects. The 37% premium over the current stock price is particularly remarkable, as most offerings typically come at a discount. The structure using pre-funded warrants with a nominal $0.0001 exercise price effectively functions as delayed equity, providing immediate capital while minimizing immediate dilution.

The extension of cash runway into Q1 2027 significantly strengthens TScan's financial position, providing approximately 2.5 years of operational funding. This extended runway is important for a clinical-stage biotech company, allowing them to advance their TCR-T therapy pipeline without immediate financing pressure. The fact that existing investor Lynx1 Capital is leading this financing at a premium signals strong confidence in TScan's technology and execution capability.

The deal structure using pre-funded warrants is tax-efficient and provides flexibility in timing of share issuance. For a company with a market cap of about $155 million, securing $30 million on these terms is a strong vote of confidence from institutional investors.

The premium-priced financing from a knowledgeable healthcare investor validates TScan's TCR-T cell therapy platform. TCR-T represents a next-generation approach beyond conventional CAR-T, targeting intracellular proteins and potentially expanding the range of targetable cancer antigens. The extended cash runway is particularly valuable given the complex and lengthy clinical development timeline typical for cell therapies.

For retail investors unfamiliar with the science: Think of TCR-T cells as highly specialized cancer-hunting cells that can recognize targets hidden inside cancer cells, unlike earlier therapies that could only see targets on the cell surface. This technology could potentially treat many more types of cancers than current cell therapies.

The substantial financial commitment from Lynx1 suggests confidence in upcoming clinical milestones and the broader platform potential. This financing provides important stability during the critical clinical development phase where many biotech companies often struggle to maintain adequate funding.

WALTHAM, Mass., Dec. 26, 2024 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today announced that it has entered into a securities purchase agreement with Lynx1 Capital Management LP (Lynx1) and an investment fund advised by Lynx1 for the sale of approximately $30 million of pre-funded warrants to purchase up to an aggregate of 7,500,000 shares of its voting common stock at a price of $4.00 per pre-funded warrant, each exercisable to purchase one share of voting common stock at an exercise price of $0.0001 per share, representing a premium of 37% to the last closing price of TScan Therapeutics’ common stock, and a 34% premium over the 10-day volume weighted average closing price. The financing is expected to close on or about December 27, 2024, subject to customary closing conditions.

“Lynx1 has been a long-standing and supportive TScan shareholder. We are very appreciative of Lynx1’s continued support and commitment to our mission of delivering life-changing TCR-T cell therapies to patients with cancer, as evidenced by this additional and substantial investment in TScan at a 37% premium,” said Gavin MacBeath, Ph.D., Chief Executive Officer.

“We recently reaffirmed that our cash resources were expected to fund our operations into the fourth quarter of 2026. With the incremental $30M gross proceeds from the sale of these pre-funded warrants, we now expect our cash resources to fund the company’s operations into the first quarter of 2027,” said Jason A. Amello, Chief Financial Officer.

A registration statement on Form S-3 (File No. 333-268260) relating to these securities were filed with the Securities and Exchange Commission (the SEC) on November 9, 2022 and was declared effective by the SEC on May 16, 2023. A final prospectus supplement and accompanying prospectuses relating to the offering will be filed with the SEC. These documents will be available for free on the SEC’s website at http://www.sec.gov.

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 under the securities laws of any such state or other jurisdiction.

About TScan Therapeutics, Inc.

TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company’s lead TCR-T therapy candidates are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHATM Phase 1 heme trial). The Company has developed and continues to expand its ImmunoBank, the Company’s repository of therapeutic TCRs that recognize diverse targets and are associated with multiple HLA types, to provide customized multiplex TCR-T therapies for patients with a variety of cancers (the PLEXI-TTM Phase 1 solid tumor trial). The Company is currently enrolling patients into both clinical programs.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These and other risks are discussed in TScan’s filings with the SEC, including, without limitation, its most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and its periodic reports on Form 8-K, as well as the risks identified in the registration statements and the preliminary prospectus supplement relating to the offering. TScan intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “may,” “might,” “advance,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan,” “on track,” or similar expressions or the negative of those terms. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Any forward-looking statements contained in this release represent TScan’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, TScan explicitly disclaims any obligation to update any forward-looking statements.

Contacts

Heather Savelle
TScan Therapeutics, Inc.
VP, Investor Relations
857-399-9840
hsavelle@tscan.com

Maghan Meyers
Argot Partners
212-600-1902
TScan@argotpartners.com


FAQ

What is the size and terms of TScan Therapeutics' (TCRX) December 2024 offering?

TScan Therapeutics secured a $30 million registered direct offering through pre-funded warrants priced at $4.00 each, allowing the purchase of 7,500,000 shares at $0.0001 per share, representing a 37% premium to the last closing price.

How long will TCRX's cash runway extend after the December 2024 financing?

With the additional $30 million from the offering, TScan's cash runway is expected to extend into the first quarter of 2027, extended from the previous projection of fourth quarter 2026.

Who is the primary investor in TCRX's December 2024 warrant offering?

Lynx1 Capital Management LP and an investment fund advised by Lynx1 are the investors in the warrant offering, continuing their existing investment relationship with TScan Therapeutics.

What premium does TCRX's December 2024 warrant offering represent?

The offering represents a 37% premium to the last closing price and a 34% premium over the 10-day volume weighted average closing price of TScan's common stock.
Tscan Therapeutics, Inc.

NASDAQ:TCRX

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Biotechnology
Biological Products, (no Disgnostic Substances)
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United States
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