Seattle biotechnology company Immune Design said early Thursday its initial public offering of stock was priced at $12 per share, for an offering total of $60 million before costs. The stock, which trades on Nasdaq under the symbol IMDZ, traded as high as $12.81 in morning trading in New York. But it gave up much of those gains and ended the session up a nickel, or 0.4 percent, at $12.05. The IPO priced at the lower end of the $12 to $14 range indicated in previous regulatory filings. The company is developing immune-based therapies to fight cancer and plans to use the IPO’s proceeds to complete phase 1 clinical trials and advance development of its drug candidates targeting breast cancer, melanoma, non-small cell lung cancer, ovarian cancer, sarcoma or Merkel cell carcinoma.
Immune Design, a cancer research company, has raised $60 million
Trading on the NASDAQ under the ticker IMDZ, Seattle biotech company Immune Design today priced its initial public offering at $12 per share and raised $60 million. The company, which is working on novel technologies that activate the body’s immune system to fight cancer, had previously set its IPO range at $12 to $14 per share with a maximum offering price at $74.8 million. Its stock rose to $12.81 on Thursday, but fell back down to $12.05 by the closing bell. It decreased slightly in after hours trading to $12.03 per share. Led by CEO Carlos Paya, the former president of Elan, Immune Design reported a net loss of $16 million last year, and has reported an accumulated deficit of $64.8 million since it was founded. The company said it anticipates losses for the foreseeable future. Immune Design has raised nearly $100 million in venture funding, including $49 million last year. Its backers include The Column Group, Topspin Partners, Alta Partners, Versant Ventures, Osage Partners and ProQuest Investment. Immune Design is the second Seattle-area company to complete an IPO in the past 30 days,following in the footsteps of pet insurance company Trupanion.
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