Tango Therapeutics Stock Soars Pre-Market On $225M Financing, Positive Study Data For Cancer Therapy

• CEO Barbara Weber said that across the 16 cancer types enrolled in the trial, the objective response rate was 27% in patients with a median follow-up of 9.4 months. 
• The company also announced the pricing of an underwritten offering of 21 million shares of its common stock and pre-funded warrants to purchase up to 3.2 million shares of its common stock.
  

Tango Therapeutics, Inc. (TNGX) on Thursday announced $225 million in financing on the heels of positive data from its ongoing study of Vopimetostat in patients with MTAP-deleted cancers.

CEO Barbara Weber said that across the 16 cancer types enrolled in the trial, the objective response rate (ORR) was 27% in patients with a median follow-up of 9.4 months

In 2L MTAP-deleted pancreatic cancer, the median progression-free survival (PFS) was 7.2 months, and the ORR was 25% in the study. The company now expects to initiate a pivotal trial in 2L MTAP-deleted pancreatic cancer in 2026.

Financing Details

The company also announced the pricing of an underwritten offering of 21 million shares of its common stock and pre-funded warrants to purchase up to 3.2 million shares of its common stock. The offering price of each share of common stock is $8.66, it stated. The gross proceeds from the offering is expected to be about $210 million, it added. 

TNGX shares traded 21% higher in the pre-market session at the time of writing. 

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