Paris-based Nanobiotix (Euronext: NANO; Nasdaq: NBTX), a late-stage clinical biotechnology company developing physics-based cancer therapies, has closed a global equity offering raising approximately USD 100 million in aggregate gross proceeds, including proceeds from the full exercise of the underwriters' over-allotment option.
Jefferies, TD Cowen, and Stifel acted as global coordinators and joint bookrunners. The offering comprised ordinary shares, American Depositary Shares, and pre-funded warrants, priced at EUR 33.60 per ordinary share — equivalent to USD 38.98 per ADS. In terms of funding allocation, 50%–60% will be earmarked to advance the Nanoprimer and other platforms; less than 10% to support the development of JNJ-1900 (NBTXR3); and 30%–40% for general corporate purposes. Nanobiotix said it expects the proceeds, combined with existing cash, to fund operations into 2029.
The raise follows a series of prior capital events, including a USD 113.3 million global offering at the time of the company's Nasdaq listing in December 2020, a USD 55 million follow-on in November 2023, and a royalty monetization arrangement with Healthcare Royalty Partners in 2025 that extended the company's cash runway through early 2028.
Pipeline: NBTXR3 and the Nanoprimer platform
Nanobiotix's lead clinical asset is NBTXR3, now co-developed with Janssen Pharmaceutica under a global licensing agreement signed in July 2023 and subsequently renamed JNJ-1900. NBTXR3 consists of hafnium oxide nanoparticles administered intratumorally, designed to amplify the cytotoxic effect of radiotherapy through physics-based energy deposition. Because hafnium is a high-atomic-number element, the nanoparticles absorb and re-deposit substantially more energy per unit volume than surrounding tissue when irradiated, intensifying tumor cell death without increasing the radiation dose to healthy tissue. The mechanism also promotes immunogenic cell death, providing a scientific rationale for combining the agent with immune checkpoint inhibitors.
Active clinical studies include a Phase I trial in esophageal cancer and a Phase I/II study in locally advanced non-small cell lung cancer, both sponsored by MD Anderson Cancer Center, with which Nanobiotix entered a broad clinical research collaboration in 2019. A Phase III trial in locally advanced head and neck squamous cell carcinoma — NANORAY-312 — is ongoing under Janssen's operational control following the transfer of trial sponsorship after the 2023 licensing deal.