CARGO Therapeutics Submits IPO Filing to Raise Up to $100 Million for Advancing CAR-T Therapy CRG-022

Oct 23, 2023 11:27 CST Updated 11:27

Cargo Therapeutics

CAR-T Cell Therapy Developer

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Recently, CARGO Therapeutics, Inc., a biotechnology company focused on developing cancer CAR-T cell therapies, submitted an IPO application to the SEC.Plans to Raise Up to $100 Million Through Initial Public Offering。CARGO Therapeutics Plans to List on Nasdaq with Stock Code CRGXJ.P. Morgan, Jefferies, TD Cowen and Truist Securities are the joint bookrunners for the transaction, with no disclosure of pricing terms.

For CARGO, the company may need cash in the short term to fund its Phase II plans. According to the latest data, as of the end of June, CARGO's revenue was $42.4 million, while it incurred a loss of $30.6 million in the first half of this year.

CARGO Therapeutics Financing History:

In January 2022, CARGO Therapeutics, Inc. completed$11 millionThe seed round of financing and32 MillionTransitional financing in dollars;

In March 2023, CARGO Therapeutics, Inc. completed a financing round led by RTW Investments and Third Rock Ventures.$200 millionSeries A financing.

In addition, CARGO Therapeutics stated that Stanford University is conducting a Phase 1 clinical trial on certain patients with large B-cell lymphoma to study its lead project, the CD22 CAR T-cell candidate drug CRG-022. Based on the results of the clinical trial, CARGO is evaluating whether CRG-022 can proceed to a potentially pivotal Phase II clinical trial targeting patients with large B-cell lymphoma (LBCL) who have developed resistance (R/R) to CD19 CAR T-cell therapy. CARGO Therapeutics also plans to evaluate the application of CRG-022 in patients at earlier stages of the disease, including those with LBCL and other hematologic malignancies.

Pipeline under research

In addition to the company's main projects, CARGO Therapeutics is leveraging its proprietary cell engineering platform technology to develop a series of programs. These include various genetically modified therapeutic "vectors" designed to enhance the presence and trafficking of CAR T cells within tumor lesions while helping to prevent tumor resistance and T-cell exhaustion.

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