$80 Million Private Placement Financing for Tango Therapeutics

Tango Therapeutics (Nasdaq: TNGX) has announced an $80 million private placement financing, agreeing to  sell approximately 15.5 million shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private investment in public equity (PIPE) financing, at a per share price of $5.15.

Barbara Weber, M.D., President and Chief Executive Officer of Tango Therapeutics, said, “We are proud…to receive additional support from an outstanding group of current investors to further our mission to develop novel precision oncology treatments. The additional funding strengthens our balance sheet at a time of strong momentum.” 

Highlights 

Pre-Funded Warrants will have an exercise price of $0.0001 per share of common stock, will be immediately exercisable and will remain exercisable until exercised in full.

The financing is expected to close on Friday, August 11, 2023, subject to customary closing conditions.

Gross proceeds from the private placement are anticipated to be approximately $80 million, before deducting any offering-related expenses.

Proceeds from the financing are expected to enable rapid expansion across multiple tumor types for the TNG908 and TNG462 PRMT5 programs, as well as maintain funding through proof-of-concept for each of its clinical-stage programs as the Company awaits clinical data.

Tango Therapeutics is a clinical-stage company discovering and delivering the next generation of precision cancer medicines.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. This includes expanding the universe of precision oncology targets into novel areas such as tumor suppressor gene loss and their contribution to the ability of cancer cells to evade immune cell killing. For more information, please visit www.tangotx.com.

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$80 Million Private Placement Financing for Tango Therapeutics

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