Unum Therapeutics is limping out onto Nasdaq this morning after raising close to $70 million from the sale of its stock.
Unum priced 5.8 million shares $UMRX at $12 each, the bottom end of the range. That’s not a defeat, but it’s no big win, either.
The Cambridge, MA-based biotech attracted a flurry of attention when it filed for its IPO, but not for the reasons it would have liked. The company revealed in its S-1 filing a few weeks ago that two patients in the high-dose arm of a clinical trial for their lead cancer drug died, forcing the FDA to slap a clinical hold on the trial which was dropped just before they made their bid to go public.
![](https://endpts.com/wp-content/uploads/2018/03/chuck-wilson-unum.jpg)
Chuck Wilson, Unum CEO
The then private company may not have violated any rules in the process, but they didn’t impress anyone with a commitment to transparency, either. It also likely didn’t help that this all played out just after Solid Biosciences kept a partial hold for their lead drug on the down low right up until they sold shares — and then got hammered after an adverse reaction triggered a full hold soon after.
That sudden about-face triggered a rout of Solid’s share price and a flurry of lawsuits — underscoring the dangers of going public with one strike against you.
Unum — one of many that has built a rep around a top team and reliable venture backers — has been building a new cell therapy that engineers patient’s T cells into a double whammy on cancer cells. The cells are first designed to express ACTR, a chimeric protein encompassing proteins from T cells and natural killer cells, then combined with another tumor-specific drug, whipping up a cytotoxic assault on cancer cells. The lead drug is ACTR087, and Unum compares it to Gilead’s Yescarta and Novartis’ Kymriah, the two pioneering CAR-Ts on the market.
Seeing similar toxicity issues as the early CAR-Ts, though, wasn’t on the agenda.
Researchers concluded that there were two cases of ACTR087-related severe CRS — one fatal — and one patient died from ACTR087-related neurotoxicity. There was one fatal case of enterococcal sepsis considered related to ACTR087 and “one patient subsequently experienced a fatal case of sepsis considered not related to ACTR087,” according to the S-1.
Morgan Stanley and Cowen are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey and Wedbush PacGrow are acting as lead managers.
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