LOUISVILLE - Biotech GlobeImmune Inc. in Louisville began trading on the Nasdaq and stock exchange Tuesday at $11 per share.

Louisville-based GlobeImmune (Nasdaq: GBIM) is developing therapeutic drugs for pancreatic cancer and hepatitis B and C.

As of mid-morning, investors had picked up about 450,000 shares ranging in price from $10.77 to $12.14 per share.

On Monday, the company lowered the size and price of its IPO. It opened wanting to raise $15 million by offering 1.5 million shares at $10 per share.
 
The company had initially filed to offer 2.2 million shares at a range of $15 to $17 but dropped the shares offered to 1.6 million in late May. At the revised price and share count, GlobeImmune would raise 57 percent fewer proceeds than originally planned.

GlobeImmune was founded in 1995 and booked $22 million in collaboration and milestone revenue for the 12 months ended March 31.

Aegis Capital is the sole book runner on the deal.