IO Biotech, Inc. Announces $75 Million Private Placement Financing

Offering includes participation from both new and existing healthcare-dedicated investors

Proceeds extend the company’s cash runway into the fourth quarter of 2025

NEW YORK, Aug. 07, 2023 (GLOBE NEWSWIRE) — IO Biotech, Inc. (Nasdaq: IOBT), a clinical biopharmaceutical company developing novel, immune-modulating cancer vaccines based on its T-win® technology platform, today announced that it has entered into a definitive securities purchase agreement for a private placement that is expected to result in gross proceeds of approximately $75 million, before deducting offering expenses. The private placement includes participation from new and existing investors, including Lundbeckfonden BioCapital; Kurma Growth Opportunities Fund; Vivo Capital; Armistice Capital; Marshall Wace; Samsara BioCapital; Novo Holdings; Stonepine Capital Management; PFM Health Sciences, LP; HBM Healthcare Investments (Cayman) Limited; Pivotal Life Sciences; Sunstone Life Science Ventures; Logos Capital; Altamont Pharmaceutical Holdings, LLC; and The Red Hook Fund LP; among others. Members of the company’s management team also participated in this transaction.

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