WATERTOWN, Mass., July 16, 2020 (GLOBE NEWSWIRE) -- Pandion Therapeutics, Inc. (Nasdaq: PAND), a clinical-stage biotechnology company developing novel therapeutics designed to address the unmet needs of patients suffering from autoimmune disease, today announced the pricing of its initial public offering of 7,500,000 shares of its common stock at a public offering price of $18.00 per share, for gross proceeds of $135.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Pandion. In addition, Pandion has granted the underwriters an option for a period of 30 days to purchase up to 1,125,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares are being offered by Pandion.

The common stock is expected to begin trading on the Nasdaq Global Market on July 17, 2020 under the symbol “PAND.” The offering is expected to close on July 21, 2020, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley and SVB Leerink are acting as joint book-running managers for the offering. BMO Capital Markets is also acting as a bookrunner for the offering.

About Pandion

Pandion Therapeutics is developing novel therapeutics designed to address the unmet needs of patients suffering from autoimmune diseases. Pandion’s TALON (Therapeutic Autoimmune reguLatOry proteiN) drug design and discovery platform enables the company to create a pipeline of product candidates using immunomodulatory effector modules, with the ability to also combine an effector module with a tissue-targeted tether module in a bifunctional format. Pandion’s lead product candidate, PT101, is currently in a Phase 1a clinical trial.