IPO Alert: Gracell Biotechnologies (GRCL)

Gracell Biotechnologies is scheduled to make its debut on the Nasdaq Global Select Market today (January 8), under the ticker symbol “GRCL.”

The Suzhou, China-based Gracell Biotechnologies is a global clinical-stage biopharmaceutical company developing CAR-T cell therapies for cancer through its proprietary technology platforms—FasTCAR and TruUCAR.

The company has offered to sell 11.0 million American depositary shares at a price of $19 per ADS. The underwriters have an option for a period of 30 days to purchase up to an additional 1.65 million ADSs. The aggregate gross proceeds are expected to be $209.0 million. The global offering is scheduled to close on January 12, 2021.

Underwriters of the IPO:

Citigroup Global Markets, Inc., Jefferies LLC, Piper Sandler & Co. and Wells Fargo Securities, LLC

Pipeline:

The company’s lead FasTCAR-enabled candidate, GC012F, is under an investigator-initiated phase 1 trial in patients with relapsed or refractory multiple myeloma (R/R MM) in China. The company expects to seek FDA clearance to initiate a phase I trial in the U.S. in the second half of this year.

GC027, the company’s lead TruUCAR allogeneic product candidate, is also under an investigator-initiated phase 1 trial in relapsed or refractory T cell acute lymphoblastic leukemia patients in China. The company is expected to file an Investigational New Drug Application with the U.S. FDA, seeking clearance for a phase I trial in 2022.

GC019F, a FasTCAR-enabled CD19-directed autologous CAR-T product candidate in development for the treatment of adult B cell acute lymphoblastic leukemia has completed investigator-initiated Phase 1 trial across multiple centers in China.

GC007F, a FasTCAR-enabled CD19-directed autologous CAR-T product candidate in development for the treatment of B-Cell Non-Hodgkin Lymphoma is under an investigator-initiated Phase 1 trial across multiple centers in China.

GC007g, a donor-derived CD19-directed allogeneic CAR-T cell therapy, in development for the treatment of B cell acute lymphoblastic leukemia has completed investigator-initiated phase I trial.

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