** Shares of Xilio Therapeutics XLO.O down 27% to 78 cents before the bell as co seeks equity raise

** Waltham, Massachusetts -based XLO commences public offering of pre-funded warrants and warrants to purchase shares without disclosing deal size

** Cancer immunotherapies firm plans to use net offering proceeds to advance development of product candidates, working capital among other purposes

** Leerink sole bookrunner for proposed offering

** Co has ~51.8 mln shares outstanding and ~37.2 mln shares of public float, per LSEG data

** Over the weekend, XLO presented updated Phase II data for evaluating vilastobart in combination with atezolizumab in patients with a type of colorectal cancer at the annual ASCO meeting in Chicago

** On Feb 12, XLO shares more than doubled to close at $1.48 after inking collaboration and option agreement with AbbVie ABBV.N

** XLO shares on Fri closed up 11% at $1.07

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))