Gilead again backs AlloVir's T cell therapy in $127M direct offering
Gilead and a host of other companies are once again backing T cell immunotherapy biotech AlloVir in a direct offering that will provide the drugmaker with nearly $127 million in proceeds to get its lead therapy to market.
Already stocked with $172 million at the end of June, the Massachusetts biotech wants the additional money to bankroll its three ongoing Phase III trials of its allogeneic T cell therapy posoleucel. The new funds will also support global regulatory filings for the therapy, the company said Wednesday.
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