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Public equity report: Iovance, Ocular Therapeutix cash in on catalysts

ARTICLE | Finance

In an otherwise slow week for public financings

By Meredith Durkin Wolfe, Director of Research

February 24, 2024 12:27 AM UTC

Monday’s Presidents’ Day holiday marked the start of a slow week for fundraising on the U.S. markets, with just two biopharma companies announcing offerings over $25 million. Both were sold in light of big news.

On Tuesday, Iovance Therapeutics Inc. (NASDAQ:IOVA) sold 23 million shares at last Friday’s closing price of $9.15, bringing in $211 million. During market hours last Friday, FDA and the company announced approval of tumor-infiltrating lymphocyte therapy Amtagvi lifileucel to treat metastatic melanoma. The company’s shares fell that day but began climbing postmarket, closing this week up 31% to $15.77. Although work remains to scale the cell therapy, the approval marked a major milestone as first-ever for a TIL therapy…