The Life Sciences team advised Surface Oncology, Inc. (Surface) on the pricing of its initial public offering of 7,200,000 shares of common stock at a public offering price of $15.00 per share. In addition, Surface has granted the underwriters a 30-day option to purchase up to 1,080,000 additional shares of common stock at the initial public offering price, less the underwriting discount. The gross proceeds from the offering, before deducting underwriting discounts and estimated offering expenses, are expected to be $108.0 million, excluding any proceeds from the exercise of the underwriters’ option to purchase additional shares.
In addition to the shares sold in the public offering, Surface announced the concurrent sale of an additional 766,666 shares at the initial offering price of $15.00 per share, for gross proceeds of $11.5 million, in a private placement to Novartis Institutes for Biomedical Research, Inc.
Surface Oncology is a clinical-stage immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment with lead programs targeting CD47 and CD73.
The Goodwin team was led by partners Robert Puopolo and Kingsley Taft and included associate Catherine Magazu.