CytoMed Therapeutics, a Singaporean preclinical biotech developing gamma-delta T cell therapies for cancer, raised $10 million by offering 2.4 million shares at $4, the low end of the range of $4 to $5.
At pricing, the company has a market cap of less than $50 million. As a result, CytoMed Therapeutics will be excluded from Renaissance Capital's 2023 IPO stats.
The company is developing three product candidates built on a proprietary platform licensed from Singapore-based R&D agency A*STAR. Its lead candidate, CTM-N2D, consists of expanded gamma delta T cells grafted with NKG2DL-targeting CAR to enhance anti-cancer cytotoxicity. In March 2023, CytoMed Therapeutics entered into a clinical study agreement with the National University Hospital Singapore to evaluate CTM-N2D in human subjects, and it plans to recruit its first patient in the 2H23.
CytoMed Therapeutics plans to list on the Nasdaq under the symbol GDTC. The Benchmark Company acted as sole bookrunner on the deal.
