Xilio Therapeutics Announces Closing of Initial Public Offering

Rhea-AI Summary

Xilio Therapeutics, a biotechnology firm specializing in tumor-selective immuno-oncology therapies, has successfully closed its initial public offering (IPO) of 7,353,000 shares at $16.00 each, raising approximately $117.6 million before expenses. The shares started trading on the Nasdaq under the ticker symbol XLO on October 22, 2021. Underwriters also received an option to purchase up to 1,102,950 additional shares. The company aims to leverage these proceeds to advance its proprietary GPS platform and pipeline of anti-cancer therapies.

Positive

• Raised approximately $117.6 million from the IPO to fund development.
• Proceeds intended to enhance the pipeline of tumor-selective therapies.

Negative

• The potential dilution from the additional shares if the underwriters exercise their option.

WALTHAM, Mass., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Xilio Therapeutics, Inc. (Xilio) a biotechnology company developing tumor-selective immuno-oncology therapies for patients with cancer, today announced the closing of its previously announced initial public offering of 7,353,000 shares of its common stock at a price to the public of $16.00 per share. The aggregate gross proceeds to Xilio from the offering were approximately $117.6 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Xilio. In addition, Xilio has granted the underwriters a 30-day option to purchase up to an additional 1,102,950 shares of its common stock at the initial public offering price less underwriting discounts and commissions.

The shares began trading on the Nasdaq Global Select Market on October 22, 2021 under the ticker symbol “XLO.”

Morgan Stanley, Cowen and Guggenheim Securities acted as joint book-running managers for the offering. Raymond James acted as lead manager for the offering.

A registration statement relating to the shares sold in the offering was filed with the Securities and Exchange Commission (SEC) and was declared effective on October 21, 2021. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC by mail at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone at (866) 718-1649 or by email at prospectus@morganstanley.com; Cowen and Company, LLC by mail at Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com; and Guggenheim Securities, LLC by mail at Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 jurisdiction.

About Xilio Therapeutics
Xilio Therapeutics is a biotechnology company focused on harnessing the immune system to achieve deep and durable clinical responses to improve the lives of patients with cancer. The company is using its proprietary geographically precise solutions (GPS) platform to rapidly engineer novel molecules, including cytokines and other biologics, that are designed to optimize their therapeutic index. These molecules are designed to localize activity within the tumor microenvironment without systemic effect, resulting in the potential to achieve enhanced anti-tumor activity. Xilio is building a pipeline of wholly owned, tumor-selective, GPS-enabled cytokine and checkpoint inhibitor product candidates, including XTX101, a tumor-selective anti-CTLA-4 monoclonal antibody; XTX202, a tumor-selective IL-2; XTX301, a tumor-selective IL-12; and XTX401, a tumor-selective IL-15.

For Investor Inquiries:
Monique Allaire,
THRUST Strategic Communications
monique@thrustsc.com  

For Media Inquiries: 
Dan Budwick, 1AB
dan@1abmedia.com

FAQ

What was the purpose of Xilio's IPO?

Xilio's IPO aimed to raise funds, approximately $117.6 million, to support the development of its tumor-selective therapies.

When did Xilio's shares start trading?

Xilio's shares began trading on the Nasdaq Global Select Market on October 22, 2021, under the ticker symbol XLO.

How many shares were offered in Xilio's IPO?

Xilio offered 7,353,000 shares in its initial public offering.

What are the aggregate proceeds from Xilio's IPO?

The aggregate gross proceeds from Xilio's IPO were approximately $117.6 million before deducting underwriting fees.

What options do underwriters have after Xilio's IPO?

The underwriters have a 30-day option to purchase up to an additional 1,102,950 shares at the IPO price, which could lead to dilution.