The UCL spin-off which specialises in cancer immunotherapy, was listed on the American Nasdaq stock exchange, known for its technological associations. ITeos, which had already raised several million dollars in recent years, hopes to attract new capital from American investors. Its price has stabilised at around $20 and more than 10 million shares have been offered.
The funds raised will be used to develop two programmes: a treatment for patients with solid tumours and a treatment for malignant blood tumours.
Based in Gosselies, ITeos' main activity is immuno-oncology research, i.e. the development of treatments that stimulate the human body to defend itself against cancer cells.
With $64 million raised in 2018 from the US investment fund MPM Capital and $125 million in 2020 from five other US funds, ITeos is one of the most successful university spin-offs in Europe. Its entry onto Wall Street should bring in over half a billion dollars.
ITeos is not the first Walloon biotech on Wall Street. It joins two other Walloon biotechs on the Nasdaq, Celyad (formerly Cardio3 BioSciences) and MDxHealth, which works in the diagnosis of prostate cancer.
