IGM Biosciences Inc. priced and upsized its IPO on Nasdaq, now looking to raise about $175 million by selling 10,937,500 of its shares at $16 each.
The Mountain View, Calif.-based biotechnology company was previously looking to sell 7,812,500 of its common shares plus an option for underwriters to buy up to an additional 1,171,875 shares.
Jefferies, Piper Jaffray, Stifel and Guggenheim Securities are acting as joint book-running managers for the offering that is expected to close Sept. 20. They can now buy up to an additional 1,640,625 shares.
IGM Biosciences shares are expected to start trading on the Nasdaq Global Select Market under the ticker IGMS on Sept. 18.
IGM Biosciences expects to use $30 million of the proceeds to fund a phase 1 clinical trial of its drug IGM-2323 for relapsed/refractory B cell non-Hodgkin lymphoma, while $15 million will go to an early-stage study of the company's DR5 IgM antibody.
Additionally, $35 million will be used to develop the company's IgM product pipeline, and $15 million will fund the expansion of its manufacturing facilities. The remaining amount will go to working capital and other general corporate purposes.
