On 9/3/19, Turning Point Therapeutics filed the paperwork for a $296 million offering of its common stock. The San Diego based biotech focused on developing small molecule oncology treatments will sell up to 4,500,000 shares. The announcement comes not long after the company's IPO which was announced in April of this year.
The company describes itself as a clinical-stage biopharmaceutical company designing and developing novel small molecule, targeted oncology therapies to address key limitations of existing therapies and improve the lives of patients. They initiated the multi-cohort Phase 2 registrational portion of TRIDENT-1 for their lead candidate, repotrectinib, in June 2019. Repotrectinib (TPX-0005), is an orally administered TKI (tyrosine kinase inhibitor).
Turning Point anticipates using the net proceeds of this offering as follows:
- approximately $96.75 million to $106.94 million to further the clinical development of repotrectinib in Ph II portion of TRIDENT-1, including companion diagnostic development, as well as in combination and pediatric studies;
- approximately $79.72 million to $88.11 million to further the development of other pipeline candidates, including TPX-0022 and TPX-0046 and next-generation ALK inhibitor candidate once selected; and
- the remainder for the design and development of new drug candidates and for working capital purposes, including general operating expenses.
As of this writing, Turning Point's share price was down 6.5%.