Plus, news about TScan Therapeutics, Connect BioPharma, Theolytics and Ultimovacs:
Intra-Cellular Therapies seeks $500M offering: Shortly after disclosing a Phase 3 win in depression, which could lead to an expanded label for bipolar treatment Caplyta, the biotech said it plans to raise one of the largest follow-on offerings of the year. The company’s stock $ITCI closed 23% higher on Tuesday. — Kyle LaHucik
Precision BioSciences regains programs from Prevail: The gene editing biotech will get back three programs from its pact with Eli Lilly’s Prevail Therapeutics. The programs had advanced to clinical candidates, according to Precision CEO Michael Amoroso. The biotech said it’s looking at developing the programs “independently or in partnership with others.” The company’s stock $DTIL was down about 11% on Wednesday. — Kyle LaHucik
TScan Therapeutics prices upsized offering: The Boston-area biotech plans to raise $150 million versus an initial target of $125 million earlier in the week. Shares of the oncology biotech $TCRX closed 7% lower on Tuesday. — Kyle LaHucik
Connect Biopharma terminates eczema pact with Pfizer: The biotech will axe its in-license agreement for CBP-174 a decade after partnering with Arena Pharmaceuticals, which Pfizer now owns. The move will “maximize resources and extend its cash runway,” Connect said. It had completed a Phase 1 in 2022. — Kyle LaHucik
UK biotech bags $24.5M in Series A extension: Theolytics plans to use the proceeds to support its lead oncolytic virus candidate, THEO-260, through clinical proof-of-concept. A Phase 1 trial in ovarian cancer is set to start later this year. The extension round brings the company’s total funds raised to date to $42.7 million. — Ayisha Sharma
Ultimovacs is letting go of 40% of its workforce to extend its cash runway. It had 26 employees at the end of 2023. — Jaimy Lee