GlobeImmune taking another IPO haircut
GlobeImmune Inc. (Louisville, Colo.) again lowered the number of shares in its IPO on NASDAQ and now plans to raise $15 million through the sale of 1 million shares at $15. At that price, the company would be valued at $69.4 million. Earlier this month, GlobeImmune lowered to 1.6 million from 2.2 million the number of shares it planned to sell at $15-$17. Aegis Capital is underwriter. GlobeImmune filed to raise up to $35 million in the offering in March after pulling IPO plans in October 2013, citing market conditions.
GlobeImmune is developing a pipeline of Tarmogens -- heat-inactivated recombinant Saccharomyces cerevisiae genetically modified with a target protein to stimulate an immune response -- for cancer and infectious diseases. The company's GI-6207, which expresses carcinoembryonic antigen (CEA), is in Phase II testing for medullary thyroid cancer (MTC); and the company's GI-4000, which expresses a mutated Ras protein, is in Phase II testing for pancreatic cancer, non-small cell lung cancer (NSCLC) and colorectal cancer. Celgene Corp. (NASDAQ:CELG) has an exclusive option to GI-6207 exercisable after the Phase II MTC data. ...