Published: January 25, 2024 at 7:51 am ET
Cancer drug company CG Oncology Inc. priced its initial public offering above its estimated range, adding three million shares to the deal ahead of its trading debut Thursday on Nasdaq, a bullish sign.
CG Oncology CGON, based in Irving, California, offered 20 million shares at $19 and raised $380 million from underwriters Morgan Stanley, Goldman Sachs and Cantor Fitzgerald. Including the additional three million shares to be sold by the underwriters, the deal will raise $437 million.
In…
Cancer drug company CG Oncology Inc. priced its initial public offering above its estimated range, adding three million shares to the deal ahead of its trading debut Thursday on Nasdaq, a bullish sign.
CG Oncology is based in Irving, California
CGON
offered 20 million shares at $19 and raised $380 million from underwriters Morgan Stanley, Goldman Sachs and Cantor Fitzgerald. Including the additional three million shares to be sold by the underwriters, the deal will raise $437 million.
In a sign of strong demand for the stock, CC Oncology increased the size of the offering to 17 million shares and priced it $1 above the $16 to $18 price range, the company said in a statement.
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CG Oncology is an advanced clinical stage biopharmaceutical company developing cretostimogen, a bladder cancer drug, and other treatments.
The company is backed by several private equity and venture capital firms, including ORI Capital, Decheng Capital Global Life Science Fund IV, Longitude Venture Partners, Kissei Pharmaceutical Co. Ltd, Foresite Capital, TCG Crossover Fund I and Ally Bridge Group.
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The company reported a net loss of $43.8 million in 2022, higher than the net loss of $12.8 million in 2021.
The company expects to report topline data from a Phase 3 clinical trial for cretostimogen by the end of this year.
CG Oncology's managing director is Arthur Kuan, 33, who has held the position since the company was founded in 2017. He is also a founding member of Ally Bridge Group, a healthcare investment platform.
CG Oncology marks the latest sign of a revival in the IPO market after a dearth of deals in 2023.
Amer Sports and BrightSpring are also scheduled for stock market debuts in the coming days.
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