Genenta Science, an Italian Phase 1/2 biotech developing stem cell gene therapies for solid tumors, raised $36 million by offering 3.1 million ADS equivalents, including 0.7 million offered exclusively to existing shareholders in Italy, at $11.50, within the range of $10.50 to $12.50. The company offered 0.5 million more ADS equivalents than anticipated.
Genenta is engaged in the development of hematopoietic stem cell gene therapies for the treatment of solid tumors. Its lead candidate, Temferon, was developed using its novel biologic platform and carries interferon-alpha (IFN-α), a well-known therapeutic that was previously administered intravenously for treatment of various cancers but is currently rarely used due to its systemic toxicity. The company is currently developing Temferon for glioblastoma multiforme (GBM) in patients with GBM who have an unmethylated MGMT gene promoter (uMGMT), and is currently conducting a Phase 1/2a dose-escalation trial in newly diagnosed uMGMT-GBM patients in Italy. Genenta anticipates completing patient enrollment and treatment by the 2Q22, and as of November 15, 2021, it has administered Temferon to a total of 15 patients.
Genenta Science plans to list on the Nasdaq under the symbol GNTA. Roth Capital acted as sole bookrunner on the deal.
