Turnstone Biologics TSBX, a clinical-stage biotech that specializes in treatments for solid tumors, set terms for its initial public offering on Monday with plans to offer 5.8 million shares priced at $12 to $14 each. The company would raise $81.2 million at the top of that range at a valuation of $298 million. The company has applied to list on Nasdaq under the ticker ‘TSBX.’ BofA Securities, Leerink Partners and Piper Sandler are underwriting the deal. Proceeds will be used to fund the continued development of TIDAL-01, a treatment for breast cancer, colorectal cancer, uveal melanoma and other non-cutaneous and cutaneous melanomas, and for other programs. The Renaissance IPO ETF IPO has gained 41.4% in the year to date, while the S&P 500 SPX has gained 17%.
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