Tango Therapeutics announces $80M private placement financing

Tango Therapeutics (TNGX) has agreed to sell approximately 15.5 million shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private investment in public equity, PIPE, financing, at a per share price of $5.15. The financing is expected to close on Friday, August 11, 2023, subject to customary closing conditions. Gross proceeds from the private placement are anticipated to be approximately $80 million, before deducting any offering-related expenses. The financing was led by Nextech (NEXCF) with participation from Boxer Capital, Bain Capital Life Sciences, Casdin Capital, EcoR1 Capital, Southpoint Capital, Third Rock Ventures and a large institutional investor. “We are proud to have Nextech as a new investor, and to receive additional support from an outstanding group of current investors to further our mission to develop novel precision oncology treatments. This financing underscores the confidence in our near-term clinical programs, and our state-of-the-art target platform to discover and develop new drugs for people with cancer,” said Barbara Weber, M.D., President and Chief Executive Officer of Tango Therapeutics. “The additional funding strengthens our balance sheet at a time of strong momentum. Our two PRMT5 inhibitors are currently in dose escalation, and we recently demonstrated proof-of-mechanism for our lead program, TNG908. In addition, we have initiated the phase 1/2 clinical trial for TNG260, in combination with pembrolizumab in patients with checkpoint inhibitor resistant STK11-mutant cancers, and plan to initiate a fourth clinical trial in 2024.”