Immunocore files for US IPO, secures £55m funding
Posted on January 18, 2021 by Jonathan Symcox
BioTech Immuncore has revealed a £55 million funding round and has filed for a stock market flotation in the US.
The Oxford-based company delivers biological therapies that have the potential to transform the lives of people with serious diseases including cancer.
The Series C funding follows positive Phase 3 trial interim analysis data for its lead programme tebentafusp, which aims to help patients with metastatic uveal melanoma, a form of eye cancer.
The financing, which includes support from existing investors and funds and accounts managed by BlackRock, will enable Immunocore to further expand and accelerate its growing clinical stage pipeline molecules.
The company has also announced that it has closed a £74m senior secured loan facility with Oxford Finance LLC, which it intends to use in part to fund a potential commercial launch of tebentafusp.
Meanwhile it has hired investment banks Goldman Sachs, JP Morgan and Jefferies to manage a planned listing on the Nasdaq in New York, which it expects to raise £74m.
CEO Bahija Jallal said: “This successful financing represents another validating milestone for Immunocore as we continue our pioneering work in the field of soluble, bispecific TCR immunotherapies to treat a broad range of diseases.
“The support of our new and existing investors represents a further endorsement of the potential of our powerful technology platform.
“Following the recent positive Phase 3 data for tebentafusp, we are working to progress this investigational agent through the regulatory process as a potential new treatment to metastatic uveal melanoma patients with a high unmet need.”
Immunocore believes tebentafusp could be the first new therapy for the treatment of metastatic uveal melanoma in 40 years.