Theralase Technologies Inc. V.TLT

CG Oncology IPO Today

[Eoganacht]

Cancer-medicine company vaults to $36 a share, after pricing at $19 a share in deal that raised $380 million

CG Oncology IPO rockets 85% in sign of pent-up deal demand

Cancer-drug company CG Oncology Inc.’s stock nearly doubled in its trading debut Thursday, in a further sign that the drought of initial public offerings has come to an end in 2024.

 

Irving, Calif.-based CG Oncology CGON, 101.53% opened at $29 a share, well above its $19 price, and then rose to $35.50 in afternoon trades.

 

CG Oncology’s debut marked the latest sign of a revival in the market for initial public offerings, after a lack of deals in 2023.

 

Amer Sports and BrightSpring are also on deck for stock-market debuts in coming days.

 

Signs of a strong IPO for CG Oncology came late Wednesday, when the company priced $1 above its estimated price range of $16 to $18. CG Oncology also upped the size of the deal by 3 million shares, to 20 million shares, as investors clamored for stock.

 

At $19 a share, the IPO raised $380 million with underwriters Morgan Stanley, Goldman Sachs and Cantor Fitzgerald. Including an additional 3 million shares to be sold by underwriters, the deal will raise $437 million.

 

CG Oncology is a late-stage clinical biopharmaceutical company that is developing cretostimogene, a bladder-cancer drug, and other treatments.

 

The company is backed by several private-equity and venture-capital firms, including ORI Capital, Decheng Capital Global Life Science Fund IV, Longitude Venture Partners, Kissei Pharmaceutical Co. Ltd, Foresite Capital, TCG Crossover Fund I and Ally Bridge Group.

 

The company reported a $43.8 million net loss in 2022, wider than its 2021 net loss of $12.8 million.

 

It expects to report topline data by the end of this year in a Phase 3 clinical trial for cretostimogene.

 

CG Oncology’s chief executive is 33-year-old Arthur Kuan, who has been in the position since 2017, when the company was founded. He’s also a founding member of Ally Bridge Group, a healthcare investment platform.

[Alamir1111]

That Arthur Kuan sure nows how to get a business going. At age 26 founded cg  

[enriquesuave]

If SP went up to $35, that would be a $3 Billion MC.  Our equivalent SP would be $12 Can.  WTF.  We need a licensing deal and BTD ASAP.  Please.  

[Mikee3003]

I will take a licensing deal over BTD. I'm convinced that BTD alone won't lift the stock as the vulture shylocks will still have us locked in their sights and the manipulation will continue until we have solid means of financing.  Today's action on CG Oncology's IPO is depressing! How can anyone argue that we need new direction from our leadership!

[DJDawg]

CG shows what a slick operation from day 1 can achieve. - Massive number of recruitment sites - Big venture capital from day one with multiple rounds of cash raises For the drug by itself they have data up to 9months only. They report that they won't be reporting full data till end of 2024. If they apply for FDA approval they will likely have to wait around 9 m since it is a biologic agent

[DeathXray33]

Smells like a young Con Artist and naive investors that didn't do their Due Diligence. It'll fall apart after a while.

[Eoganacht]

CG Oncology completed a 67 patient phase 2 trial of CG0070 for high-risk BCG-unresponsive NMIBC in 2018 and the results were not nearly as impressive as the current phase 3 trial:   6 months:   44% CR 12 months:   30% CR 18 months:   21% CR https://cgoncology.com/wp-content/uploads/2022/12/2018_suo_bond-002_abstract.pdf I wonder why the results of the current

[enriquesuave]

I think they are giving another induction phase of 6 treatments for initial nonresponders, so over all more treatments?   Not sure, but that could be the reason    

[DJDawg]

I compared the older trial protocol and the newer one the Eog posted above. Looks like the older one did a 6 week, weekly induction start and then nothing for 6m. Hard to tell what they did after the 6 m mark. So a gap in time of 6 m is quite telling. It looks to me like all the immunotherapy approaches have just decided to go with the copycat of BCG which is usually 6 treatments to start and

[gebremeskel]

We may need BTD to get a licensing deal. How would a prospective partner be sure they can trust our numbers without verification by the FDA?

[Gooseybear]

My opinion is that TLTF has tainted top management because of previous issues with the regulators. The FDA accordingly seem to be forcing the company to jump through additional red tape to obtain BTD. Also, TLTF a doesn't have deep pockets as big pharma does to control the FDA.

[StevenBirch]

Didn't Eog post an article showing Novartis jumping through similar hoops, similar timelines to get BTD? We are still in Q1 let's not let the stock price make us overly suspicious. The strategy, right or wrong, has been small PPs as needed to limit dilution and unfortunately some in the market are taking advantage of that but I don't think there is a connection between the price and

[99942Apophis]

StevenBirch wrote  The strategy, right or wrong, has been small PPs as needed to limit dilution and unfortunately some in the market are taking advantage of that but I don't think there is a connection between the price and the trial, it's all financing related. BTD will take care of that and they are working through that process Exactly StevenBirch 

[Benedictus]

Yeah money is what matters at this point but BTD puts them on the map and after watching what the CG ipo did today, might turn some attention toward Theralase. It's also very possible that any potential partner/licensee wants that BTD seal of approval before advancing or finalizing a deal. 

[Kayz88]

Like for like - I just see a comprable company worth $2billion USD. 

[chry200030]

fyi..

[chry200030]

Google 'how much is a cure for cancer worth'.  EOM. 

[skys1]

Bing says a cure for cancer is worth roughly $50 Trillion. Considering a $ trillion is 1,000 $ billion, I'd be willing to take just 1 of those $ trillion, or 1,000 $ billion. That ain't bad.

[stocksnbonds458]

Skys, 1 trillion is only around $ 3200.00 per share (assuming 300M out fully diluted). We can do better lol. When I multiply that figure by the number of shares I own, my calculator returns an error as it can@t fit that may zeros in.@