CARGO Therapeutics made its debut on the Nasdaq Global Select Market under the ticker "CRGX" after successfully raising approximately $281 million through its initial public offering (IPO). The biotechnology firm priced its IPO at $15 per share, issuing 18.75 million shares.
The newly acquired funds are earmarked for the advancement of CRG-022, CARGO's leading drug candidate. CRG-022 is an exclusively licensed CD22 CAR T-cell therapy currently in a Phase 2 trial that began in August. The trial is a potentially pivotal step towards treating patients with large B-cell lymphoma who have not responded to or have relapsed following CD19 CAR T-cell therapy. Interim results from this trial are anticipated in 2025.
CARGO's IPO also includes a 30-day option for underwriters to purchase up to an additional 2.81 million shares. This could potentially increase the proceeds from the offering if the option is fully exercised.
The joint bookrunners for the transaction included prominent financial institutions such as J.P. Morgan, Jefferies, TD Cowen, and Truist Securities.
The offering is scheduled to conclude on November 14, providing investors with a new opportunity to engage with the emerging field of CAR T-cell therapies through CARGO Therapeutics' publicly traded stock.
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