Immunotherapy company TCR2 Therapeutics Inc. plans to go public to fund several clinical trials of cancer therapies.
TCR2, which is developing novel T cell receptor (TCR) therapies for patients suffering from cancer, filed registration documents for an initial public offering, Securities and Exchange Commission records show. The company’s filing Friday with the SEC lists an amount of up to $100 million.
The Cambridge, Mass.-based company has applied to be listed under the symbol TCRR in the Nasdaq Global Market. The company didn’t list an initial public offering price, the filing shows.
The company hasn’t generated any revenue from product sales and has no products licensed for commercial sale, the filing said. That’s because the company is in the early stages of development of product candidates and has yet to start its first clinical trial, according to the filing. Because of that, the company will “continue to incur significant research and development and other expenses” related to its operations, and it also expects to “incur significant losses for the foreseeable future,” it said.
TCR2 posted losses each year since it was founded in May 2015. The company reported losses of $9.9 million in 2016 and $13.1 million in 2017. As of Sept. 30, the company had a $75 million deficit and $131 million in cash, cash equivalents and short-term investments.
The company plans to use the IPO proceeds for development and manufacturing to support the clinical trials of: TC-210, which is meant to targets mesothelin-positive solid tumors such as lung cancer, ovarian cancer; TC-110, which targets CD19-positive B-cell hematological malignancies; and TC-220 for the treatment of patients with MUC16-positive ovarian cancer. The remaining proceeds would be used to fund new and ongoing research and development, working capital and other general corporate purposes.
TCR2 was founded by private equity firm MPM Capital’s executive partner Dr. Patrick Baeuerle, an immunologist who previously developed the first commercial bi-specific antibody at Micromet Inc., which was later acquired by Amgen Inc.
Stockholders of TCR2 are MPM Capital, F2 Capital, UBS Oncology Impact Fund L.P., 6 Dimensions Capital, and Curative Ventures. As of Dec. 15, TCR2 had 45 full-time employees and one part-time.
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