Medicenna closed public offering raising $20 million to advance its interleukin pipeline

DEALS AND FINANCINGS

Sanofi and Innovent entered collaboration to accelerate development of oncology medicines

Innovent gains China rights to tusamitamab ravtansine (SAR408701), an ADC against CEACAM5 that is in a global Phase 3 trial for second-line NSCLC, and joint development rights to Sanofi’s SAR444245, a recombinant IL-2 for various cancer indications, with the French pharma responsible for marketing the IL-2 in China. Subject to mutual agreement, Sanofi may also invest an additional €300 million in Innovent in the future. 

Medicenna closed public offering raising $20 million to advance its pipeline

Medicenna announce the closing of marketed underwritten public offering at a price to the public of $1.50 per unit, for aggregate gross proceeds to the company of approximately $20 million. The Offering was made pursuant to an underwriting agreement entered into between Guggenheim Securities as sole book-running manager, and Bloom Burton Securities as co-manager. Medicenna plans to use the net proceeds of the offering primarily to fund the clinical development of MDNA11, the preclinical development of a BiSKIT candidate, working capital and for general corporate purposes.