TScan Therapeutics, a cancer-drug startup based in Waltham, became a publicly traded company Friday, three years after it was founded out of Harvard Medical School.
The preclinical biopharma company, which raised $100 million by selling nearly 6.7 million shares at $15 each, trades on the Nasdaq Global Market under the symbol TCRX. Its stock fell by 30 percent from its IPO price to close the day at $10.50.
TScan is working on programs for both solid and liquid tumors, and it expects to submit two investigational new drug applications for its lead programs, which aim to prevent relapses in blood cancers, such as leukemia, by the end of the year. The company analyzes T cells from recovering cancer patients to engineer cell therapies.
Since its founding in 2018, TScan has raised $160 million from private investors including RA Capital Management, Longwood Fund, Bessemer Venture Partners, GV, and others. The firm inked a $30 million development and licensing deal last year with Swiss pharmaceutical giant Novartis to work on therapies for renal cell carcinoma, a type of kidney cancer.
TScan disclosed in a regulatory filing that it had $121.5 million in cash as of March 31, and it expects proceeds from its IPO will fund operations into 2024.