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.
