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 progression-free survival of 6.4 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 MTAP-deleted pancreatic cancer patients who have received one prior line of therapy in 2026, with about 300 patients. The company is slated to consult with the U.S. Food and Drug Administration on trial design later this quarter.

Vopimetostat is being evaluated as a monotherapy and in combination clinical studies. According to Tango, methylthioadenosine phosphorylase (MTAP) deletions occur in 10-15% of all human cancers, including approximately 35% of pancreatic cancers and 15% of lung cancers. This loss creates a metabolic vulnerability because the MTAP enzyme normally breaks down methylthioadenosine (MTA), which is toxic when it builds up.

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.

The offering is expected to close on or about October 24, subject to customary conditions. Participants in the offering include a large, unnamed institutional investor, in addition to Farallon Capital Management, TCGX, Balyasny Asset Management, Woodline Partners LP, and others, the company said.

Tango added that it has also entered into a securities purchase agreement for a private investment in public equity and is selling about 1.7 million shares of its common stock for $8.66 per share to raise gross proceeds of about $15 million.

How Did Stocktwits Users React?

TNGX shares traded 8% higher in the pre-market session at the time of writing. On Stocktwits, retail sentiment around TNGX jumped from ‘bearish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘extremely high’ levels.

TNGX stock is up by 180% this year and by about 38% over the past 12 months.

Read also: Harmony Biosciences Raises Full-Year Revenue Guidance Ahead Of Earnings: Why Are Wakix Franchise Numbers Crucial?

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