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IGM Biosciences plans $100M IPO to fund drug pipeline

IGM Biosciences Inc. is planning to raise up to $100 million in an IPO.

The Mountain View, Calif.-based biotechnology company applied to list its common shares on the Nasdaq Global Select Market under the ticker IGMS.

IGM Biosciences develops engineered antibodies called immunoglobulin M, or IgM, to treat cancer.

The company expects to use proceeds from the offering to fund a phase 1 clinical trial for its drug IGM-2323 for a type of non-Hodgkin lymphoma, as well as for an early-stage study for the company's DR5 IgM antibody.

Proceeds will also be used to expand manufacturing facilities, develop its pipeline and discovery programs, and for working capital and other general corporate purposes.

Jefferies LLC, Piper Jaffray & Co. and Stifel Nicolaus & Co. Inc. are acting as representatives of the underwriters, which include Guggenheim Securities LLC.