12:40 PM
 | 
Aug 09, 2018
 |  BC Extra  |  Financial News

Vaccinex down following $40M IPO

Vaccinex Inc. (NASDAQ:VCNX) lost $0.62 to $11.38 Thursday after it raised $40 million through the sale of 3.3 million shares at $12 in an IPO underwritten by Oppenheimer, BTIG and Ladenburg. The offering values the company at $137.7 million.

Vaccinex priced the offering at the low end of its $12-$15 range. At the midpoint of $13.50, the offering would have valued Vaccinex at $154.9 million.

The company’s lead candidate, VX15, is in a Phase Ib/II trial in combination with Bavencio avelumab to treat non-small cell lung cancer (NSCLC); a Phase I/II trial to treat solid tumors; and the Phase II SIGNAL trial to treat Huntington disease.

VX15 is a humanized IgG4 mAb against semaphorin 4D (SEMA4D). Merck KGaA (Xetra:MRK) markets PD-L1 inhibitor Bavencio.

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