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GlobeImmune IPO price range set at $11-$13 a share

Awardee Story GlobeImmune IPO price range set at $11-$13 a share
Date: Sep 06, 2012
Author: Anna Prior
Source: MarketWatch ( click here to go to the source)

GlobeImmune Inc. said it expects to offer five million common shares between $11 and $13 each in its initial public offering.

The clinical-stage drug developer focuses on developing treatments for cancer and infectious diseases based on its Tarmogen platform. Tarmogens activate the immune system by stimulating cellular immunity in contrast to traditional vaccines, which predominantly stimulate antibody production. It currently has four Tarmogen product candidates in five clinical trials.

The company said it plans to use proceeds from the offering to advance one of its preclinical infectious disease product candidates through a Phase 2 clinical trial, as well as to fund clinical trials for a pancreas cancer treatment.

The company has two strategic collaborations, one with Celgene Corp. (CELG) for oncology product candidates and one with Gilead Sciences Inc. (GILD) for chronic hepatitis B virus infection. Celgene owns 16% of the company and has indicated interest in buying a larger stake in the venture-backed firm.

GlobeImmune also plans to use proceeds to prepare its manufacturing facility and process for commercial-scale manufacturing, support manufacturing for clinical trials and working capital and other general corporate purposes.

The company has incurred significant losses in each year since its inception. However its partnerships have helped narrow losses more recently.

The company has filed to list its shares on the Nasdaq under the symbol GBIM.

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