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Iovance Biotherapeutics slips after $150 million stock offering price announced

Investing.com -- Shares in Iovance Biotherapeutics Inc (NASDAQ:IOVA) dropped sharply in premarket U.S. trading on Tuesday after the biotechnology firm announced the pricing of an underwritten public offering that was nearly 15% under its last close.

In a statement, San Carlos, California-based Iovance said it would price 20 million shares of its common stock at $7.50 per share, below its Monday close of $8.79.

Iovance, which specializes in developing treatments that use a cancer patient's own immune cells to attack tumor cells, said it expects to generate about $150 million from the offering.

The proceeds will help fund the company's Philadelphia manufacturing facility, as well as preparations for the commercial launch of its Lifileucel tumor-infiltrating lymphocyte (TIL) cell therapy should it receive approval from U.S. drug regulators.

Goldman Sachs and Jefferies are acting as joint lead book-running managers for the offering.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.