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Cabaletta Bio Inc., a Philadelphia-based clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases, has priced its initial public offering of 6,800,000 shares of common stock at $11 per share.

In addition, Cabaletta has granted the underwriters a 30-day option to purchase up to 1,020,000 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Cabaletta expects net proceeds from the offering will be approximately $66.2 million (assuming no exercise of the underwriters’ option to purchase additional shares of common stock), after deducting underwriting discounts, commissions and estimated offering expenses. All of the common stock is being offered by Cabaletta.

Morgan Stanley, Cowen, and Evercore ISI are acting as joint book-running managers for the offering.