Bicara Therapeutics announced a priced underwritten public offering of 7,175,000 shares of common stock at $16.00 per share, plus pre‑funded warrants for 2,200,000 shares at an exercise price of $15.9999 per share. The offering is expected to generate gross proceeds of approximately $150 million, excluding underwriting discounts and commissions. The underwriters, who have a 30‑day option to purchase up to 1,406,250 additional shares, are Morgan Stanley, TD Cowen, BofA Securities, Cantor, and Stifel.
Net proceeds will be directed toward building the medical and commercial infrastructure needed for a planned regulatory filing and commercial launch of ficerafusp alfa, accelerating development in first‑line head and neck squamous cell carcinoma, funding manufacturing costs, and supporting early signal‑finding for future indications.
Dr. David Raben, Chief Medical Officer, said, “This recognition highlights the urgent unmet need for patients with HPV‑negative metastatic or unresectable, recurrent head and neck squamous cell carcinoma. It also reinforces our conviction that depth and durability of response, driven by ficerafusp alfa’s ability to synergize with Keytruda and enable tumor penetration, are key to achieving long‑term clinical benefit.”
The capital raise positions Bicara to advance ficerafusp alfa toward regulatory approval, a milestone that could open a sizable market in HPV‑negative HNSCC. The company’s competitive landscape includes other EGFR‑targeted therapies, but ficerafusp alfa’s bifunctional design offers a potential advantage by simultaneously blocking EGFR and TGF‑β, mechanisms that may improve tumor penetration and immune activation.
The joint book‑running managers—Morgan Stanley, TD Cowen, BofA Securities, Cantor, and Stifel—will oversee the distribution of the shares and warrants, while the underwriters’ option provides flexibility to meet additional demand.
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