A private raise should crystallise what was already known to have been a valuation comedown for Immunocore and its troubled investor Neil Woodford.
As the tiny Norwegian biotech gears up to put its first asset into the clinic, investors could use an ongoing trial to handicap its chances of success.
Immunocore has recently been beset with multiple senior executive departures, but has managed to press on into phase I with a Glaxo-partnered asset.
Immunocore and Adaptimmune could shortly have a publicly listed rival.