Successfully closed upsized IPO, raising $88 million in gross proceeds to continue advancing pipeline of Selected TIL Therapy programs
Cash position expected to fund operations into second quarter of 2025
Two Phase 1 clinical trials of lead program, TIDAL-01, in several solid tumor Indications ongoing
SAN DIEGO, Sept. 01, 2023 (GLOBE NEWSWIRE) — Turnstone Biologics Corp. (“Turnstone” or the “Company”) (Nasdaq: TSBX), a clinical-stage biotechnology company developing new medicines to treat and cure solid tumors by pioneering a differentiated approach to tumor-infiltrating lymphocyte (TIL) therapy, today announced financial results for the second quarter ended June 30, 2023, and provided an update on recent business highlights.
“I am extremely proud of the recent achievements of the Turnstone team, including the successful completion of our upsized IPO which, despite challenging current market conditions, is indicative of the potential for Turnstone to deliver transformative therapies to the millions of cancer patients underserved by current treatment options,” said Sammy Farah, Ph.D., M.B.A., Turnstone’s President and Chief Executive Officer. “We are thrilled to bring in new investors through our upsized IPO and to have the continued support of our existing stockholders. With the additional funding and the deeply experienced and dynamic team we have assembled at the Company, Turnstone is strongly positioned to execute on our lead clinical candidate, TIDAL-01, and continue advancing our next-generation Selected TIL therapy pipeline.”
Recent Business Highlights
Completed Upsized Initial Public Offering: In July 2023, Turnstone priced its initial public offering (IPO) at $12.00 per share. In connection with the offering, the Company issued 7,318,275 common shares, including 651,608 shares sold in August 2023 pursuant to the exercise of the underwriters’ option to purchase additional shares, and received gross proceeds of approximately $88.0 million before deducting underwriting discounts and commissions and other offering expenses. The shares