Immune Design raises $80M in follow-on

Immune Design Corp. (NASDAQ:IMDZ) raised $80 million late Tuesday through the sale of 19.5 million shares at $4.10 in a follow-on underwritten by Leerink, Cowen and RBC Capital Markets. The price is a 21% discount to the company’s close of $5.20 on Monday, when it proposed after market close to sell 16 million shares.

The company plans to start a Phase III trial of CMB305 in mid-2018 to treat synovial sarcoma. CMB305 is a combination of LV305, a lentiviral vector engineered to deliver RNA for cancer/testis antigen 1B (NY-ESO-1; CTAG1B) to dendritic cells in vivo, and G305, an immunotherapy comprising recombinant NY-ESO-1 protein and the GLA-SE adjuvant...