CAMBRIDGE, Mass., April 23, 2018 (GLOBE NEWSWIRE) -- Surface Oncology, Inc., an immuno-oncology company developing next-generation antibody therapies that target the tumor microenvironment, today announced the closing of its initial public offering of 7,200,000 shares of common stock at a public offering price of $15.00 per share. The gross proceeds from the offering were $108.0 million. In addition, Surface has granted the underwriters a 30-day option to purchase up to 1,080,000 additional shares of common stock at the initial public offering price, less the underwriting discount. Surface’s common stock began trading on the Nasdaq Global Market under the ticker symbol “SURF” on April 19, 2018. All of the shares were offered by Surface.

Goldman Sachs & Co. LLC, Cowen and Company, LLC and Evercore Group L.L.C. acted as joint book-running managers for the offering.

In addition to the shares sold in the public offering, Surface announced the completion of the concurrent sale of an additional 766,666 shares at the initial offering price of $15.00 per share, for gross proceeds of $11.5 million, in a private placement to Novartis Institutes for Biomedical Research, Inc. The sale of these shares was not registered under the Securities Act of 1933, as amended, and the shares are subject to a 180-day lock-up agreement.

About Surface Oncology

Surface Oncology is a clinical stage immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment with lead programs targeting CD47 and CD73. Surface’s novel cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response, alone or in combination with other therapies. The company has a pipeline of immunotherapies and a strategic collaboration with Novartis focused on up to three next-generation cancer immunotherapies.