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.
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.
