Oncology drug developer Turnstone Biologics (TSBX) has set the terms for its proposed $75 million initial public offering.
Turning stone said in the filing that it wants to offer 5.8 million shares for between $12 and $14, which would increase by about $75 million if priced at the midpoint. The underwriters will receive a 30-day option to buy up to 870k additional shares at the IPO price to cover the over-allotment.
The biotech company hopes to list its shares on the Nasdaq under the symbol TSBX. BofA Securities, Leerink Partners, and Piper Sandler serve as joint bookkeepers.
Based in La Jolla, California, Turnstone’s lead drug candidate, TIDAL-01, is in Phase 1 trials for the treatment of breast cancer, colorectal cancer, and uveal melanoma. The company focuses on developing tumor infiltrating lymphocyte therapy.
The IPO price is expected this week, according to Renaissance Capital.
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