News Column

GlobeImmune's IPO raised $17.25 million

July 8, 2014

By Alicia Wallace, Daily Camera, Boulder, Colo.

July 08--Louisville-based GlobeImmune Inc. closed on last week's initial public offering and raised $17.25 million, officials for the biopharmaceutical firm said Tuesday.

GlobeImmune offered 1.725 million shares at $10 per share. Aegis Capital Corp., the IPO's sole book-running manager, exercised in full its overallotment option to purchase 225,000 shares.

The proceeds to GlobeImmune likely will be in the $14.4 million range, company officials estimated last week in a filing with the U.S. Securities and Exchange Commission.

GlobeImmune, which is developing drugs to treat some cancers and infectious diseases, plans to put $5 million toward advancing an additional infectious disease program into clinical trials and through a Phase 1 study; spend $5 million to upgrade its facility, readying the operations for clinical trial and commercial-scale manufacturing; put about $1 million toward completing ongoing clinical trials and manufacturing the drugs for three of its programs; and spend the remainder on working capital, according to the regulatory filing.

The proceeds from the offering combined with existing cash reserves and expected future milestone payments will allow GlobeImmune to fund its operations through 2015, officials said in the filing.

Shares of GlobeImmune (Nasdaq: GBIM) on Tuesday closed up $1.38, just shy of 12 percent, to $12.89.


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Source: Daily Camera (Boulder, CO)

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