LONDON, UK: CG Oncology, a biotechnology company focused on cancer immunotherapy, has launched its initial public offering (IPO) of 20 million shares at $19 per share, raising $380 million in gross proceeds. The company, which is backed by Malin Corporation, a life sciences investment firm, will trade on the Nasdaq Global Select Market under the symbol “CGON” starting from today, 25 January 2024.
The IPO values Malin’s stake in CG Oncology at about €15 million, up from €9.9 million as of 4 September 2023. Malin, which holds shares in CG Oncology acquired before the IPO, is subject to a 180-day lock-up period and did not participate in the offering. CG Oncology has also given the underwriters an option to buy up to 3 million more shares within 30 days.
CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer.
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses.
Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin.
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