Turning Point Therapeutics (NASDAQ: TPTX), a precision oncology company developing next-generation therapies that target genetic drivers of cancer, has closed an underwritten public offering of 5,287,357 shares of its common stock, including 689,655 additional shares per the full exercise of the over-allotment option granted to the underwriters. According to the update, Turning Point Therapeutics secured approximately $460 million in gross proceeds, with each of the shares sold at the public offering price of $87.00. Roth Capital Partners acted as co-manager for the offering.
For more information, visit the company’s website at: www.TPTherapeutics.com
About Turning Point Therapeutics
Turning Point is a clinical-stage precision oncology company with a pipeline of internally discovered investigational drugs designed to address key limitations of existing cancer therapies. The company’s lead drug candidate, repotrectinib, is a next-generation kinase inhibitor targeting the ROS1 and TRK oncogenic drivers of non-small cell lung cancer and advanced solid tumors. Repotrectinib, which is being studied in a registrational Phase 2 study called TRIDENT-1 in adults and a Phase 1/2 study in pediatric patients, has shown antitumor activity and durable responses among kinase inhibitor treatment-naïve and pre-treated patients. The company’s pipeline of drug candidates also includes TPX-0022, targeting MET, CSF1R and SRC, which is in a Phase 1 study called SHIELD-1 in patients with advanced or metastatic solid tumors harboring genetic alterations in MET; RET inhibitor TPX-0046, which is in a Phase 1/2 study of patients with advanced or metastatic solid tumors harboring genetic alterations in RET; and ALK inhibitor TPX-0131, which is in IND-enabling studies. Turning Point’s next-generation kinase inhibitors are designed to bind to their targets with greater precision and affinity than existing therapies, with a novel, compact structure that has demonstrated an ability to potentially overcome treatment resistance common with other kinase inhibitors. The company is driven to develop therapies that mark a turning point for patients in their cancer treatment.
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