Iovance Shares Hits 52-Week High After Offering Pricing, FDA Approvals

By Dean Seal

Shares of Iovance hit a 52-week high after the company's $211 million underwritten offering was priced and it announced key approvals from regulators for Amtagvi.

The stock jumped 47% to a high of $13.41 in early trading. Shares are up 50% year-to-date.

The biotechnology company said Tuesday morning that it would sell up to 23 million shares at $9.15 apiece, the same as Friday's closing price, in an offering set to close on Feb. 22.

Iovance also said Tuesday that the U.S. Food and Drug Administration has approved WuXi Advanced Therapies' Philadelphia site for the analytical testing and manufacturing of Amtagvi, Iovance's immunotherapy for patients with unresectable or metastatic melanoma who were previously treated with a PD-1 blocking antibody.

The company said just before the market closed last week that regulators had granted an accelerated approval to Amtagvi suspension for intravenous infusion.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

02-20-24 1118ET