Turnstone Biologics Declares Pricing Of Upsized IPO

KUALA LUMPUR, July 21 (Bernama) -- Turnstone Biologics Corp (Turnstone), a clinical-stage biotechnology company has announced the pricing of its upsized initial public offering (IPO) of 6,666,667 shares of common stock at a price to the public of US$12.00 per share. (US$1=RM4.55)

According to a statement, all shares of common stock are being offered by Turnstone.

The gross proceeds to Turnstone from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the company, are expected to be US$80.0 million.

In addition, Turnstone has granted the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock at the IPO price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on July 21, under the symbol “TSBX”, and the offering is expected to close on July 25, subject to the satisfaction or waiver of customary closing conditions.

BofA Securities, Leerink Partners and Piper Sandler & Co. are acting as joint book-running managers for the offering.

Turnstone is developing new medicines to treat and cure solid tumours by pioneering a differentiated approach to tumour-infiltrating lymphocyte (TIL) therapy.

-- BERNAMA