Alaunos Doubles on Velaris Deal, $350M Placement Led by Fairmount
TCRT has more than doubled off its 52-week low of $0.719 on elevated volume (50× avg).
Summary
Alaunos shares more than doubled to $2.92 after the company closed its acquisition of Velaris Therapeutics and a $350 million private placement led by Fairmount. The placement includes Venrock, T. Rowe Price, Wellington, Janus Henderson, and Access Biotechnology, and is expected to fund operations into 2029. Peter Harwin of Fairmount joins the board, with Fairmount designees expected to hold four of five board seats. This follows the Nasdaq delisting notice on October 9 for failing the $2.5 million equity requirement, and the reverse merger 8-K filed earlier today. The deal transforms a near-cashless shell into a funded pulmonary arterial hypertension pipeline company.
At the time of this announcement, TCRT was trading at $2.95 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3.1M. The 52-week trading range was $0.72 to $4.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.