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Cancer biotech CARGO Therapeutics prices IPO at $15, the low end of the range

November 10, 2023

CARGO Therapeutics, a Phase 2 biotech developing CAR T cell therapies for cancer, raised $281 million by offering 18.8 million shares at $15, the low end of the range of $15 to $17.

CARGO Therapeutics' lead program, CRG-022, is an autologous CD22 CAR T-cell candidate, the underlying CAR of which the company exclusively licensed from the National Cancer Institute. This past August, the company initiated a potentially pivotal Phase 2 trial of CRG-022 in patients with large B-cell lymphoma whose disease relapsed or was refractory to CD19 CAR T-cell therapy. Interim results are expected in 2025.

CARGO Therapeutics plans to list on the Nasdaq under the symbol CRGX. J.P. Morgan, Jefferies, TD Cowen, and Truist Securities acted as joint bookrunners on the deal.