Shares of Iovance Biotherapeutics (ticker: IOVA) dropped in after-hours trading on Monday after the company revealed its plans for a $150 million underwritten public offering of common shares. At 5:48 p.m. ET, the stock was down 10% to $7.91, following a strong 21.4% gain during the regular trading session, where it closed at $8.89.
Positive Regulatory Feedback on LN-145 TIL Therapy
Earlier in the day, Iovance announced that it had a productive meeting with the U.S. Food and Drug Administration (FDA), during which it received positive regulatory feedback on the design of a trial for its LN-145 TIL therapy, aimed at treating specific types of lung cancer. The company plans to enroll approximately 120 patients in this new trial, with enrollment anticipated to be completed in the second half of next year.
FDA Priority Review for Lifileucel on Track
Iovance also mentioned that the FDA’s priority review of its biologics license application for lifileucel in advanced melanoma is proceeding as planned. This is encouraging news for the company and its investors.
Funding for the Commercial Launch of Lifileucel
Iovance revealed that all shares in the public offering will be sold by the company itself. The expected proceeds from this offering will be utilized to fund preparations for the commercial launch of lifileucel, in case it receives approval, and to support ongoing clinical programs, among other initiatives.
For more information, please contact Iovance Biotherapeutics.
