US-based biopharmaceutical company GlobeImmune has set the range for its initial public offering at $15-17, almost two years after it initially filed for the IPO.
GlobeImmune will issue almost 2.2 million shares in the offering meaning that it could raise up to $37.2m at the upper end of the range, and $32.8m at the lower end. Aegis Capital is acting as sole underwriter for the IPO.
The company intends to invest $15m of the proceeds in advancing a product to counter infectious diseases through Phase 2 clinical trials, while an additional $10m will go towards preparing its production facility for commercial scale manufacturing, developing additional internal programmes and filing applications for new drugs.
The largest shareholder in GlobeImmune is pharmaceutical company Celgene, which holds a 12.8% stake that will be diluted to 8% through the offering. Lilly Ventures, the corporate venturing arm of Eli Lilly, holds a 5.2% share that will be diluted to 3.2%, while other major shareholders include HealthCare Ventures, Morgenthaler Partners, Wexford Capital, Medica Venture Partners and Sequel Venture Partners.
GlobeImmune, which has raised about $122m prior to its first filing, initially targeted $69m when it filed for an IPO in July 2012, only to subsequently delay the offering two months later. The company raised $7.9m in debt financing in March this year.