PSTX - Chinese cancer biotech Gracell Biotechnologies readies $150M IPO

A Phase 1 Chinese biotech developing CAR-T cell therapies for cancer, Gracell Biotechnologies (GRCL) to raise $150M by offering 8.825M ADSs at a price range of $16 to $18.Underwriters' over-allotment is an additional 1,323,750 ADSs.Net proceeds together with existing cash and cash equivalents will be used to fund the research and development of GC012F and GC027, the research and development of other clinical stage and earlier-stage product candidates, the expansion of manufacturing facilities in China and the construction of esearch and development center in the United States as well as for working capital and other general corporate purposes.The current status of the company’s drug development pipeline:According to a 2016 report by Grand View Research, the global market for multiple myeloma treatments was an estimated $7.5B in 2015 and is expected to reach $30B by 2024, representing a forecast CAGR of 16.6% from 2018 to 2024.Multiple Myeloma Therapeutics Market, USD Million, 2014 -

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Chinese cancer biotech Gracell Biotechnologies readies $150M IPO