GlobeImmune Inc. makes second run at IPO
Last Updated: 14:48 March 17, 2014
On Monday, GlobeImmune filed documents with the Securities and Exchange Commission for an IPO with the hope of raising $35 million. GlobeImmune wants have its stock traded on Nasdaq with the ticker symbol, GBIM. The number or price of shares have not been disclosed, nor has a date been set.
The company would use the proceeds to continue to work on drugs in clinical trials and prepare its manufacturing plant for clinical trial and commercial scale manufacturing, according to the documents.
GlobeImmune filed for an IPO last June to raise $69 million, but withdrew the plan in October, saying at the time that the market was not sufficiently attractive as a place to raise money.
In February, Louisville-based GlobeImmune raised $7.5 million through SternAegis Ventures, an arm of Aegis Capital Corp. in New York, to pay for ongoing operations.
GlobeImmune is developing therapeutic drugs to treat pancreatic cancer and hepatitis B and C, among other research projects. The company has licensing agreements with Gilead Sciences Inc. (Nasdaq: GILD) in Foster City, Calif., and with Celgene Corp. (Nasdaq: CELG) in Summit, N.J., for drugs under development.
The company's drug products for cancer and infectious diseases are based on its Tarmogen platform, according to SEC documents. Tarmogens activate a patient's immune system by stimulating a group of white blood cells called T cells, which destroy infected or malignant cells in the body.
GlobeImmune's lead pancreatic cancer drug is undergoing clinical trials required by the U.S. Food and Drug Administration before a drug can be marketed and sold commercially. Altogether, GlobeImmune has four Tarmogen-based products going through clinical trials.
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