Cancer immunotherapy developer INmune Bio Inc. priced its IPO of common shares to raise up to $20 million.
La Jolla, Calif.-based INmune is offering up to a minimum 1 million shares and up to a maximum of 2.5 million shares at $8 apiece. The company plans to list its stock on the Nasdaq Capital Market under the symbol INMB.
INmune intends to use the net proceeds for the clinical development of its product candidate INKmune in a phase 1/2 trial to treat ovarian cancer and a phase 1/2 trial to treat myelodysplastic syndromes — a group of cancers in which immature blood cells in the bone marrow do not mature to become healthy blood cells.
The clinical-stage biotechnology company also plans to use the funds to evaluate another product candidate called INB03 in a phase 1 trial to treat patients with advanced cancer and elevated levels of myeloid-derived suppressor cells, or MDSC, — a group of immune cells — in the blood; and INB03 in combination with an approved checkpoint inhibitor for treating cancer in patients who have failed one prior therapy and have increased levels of MDSC in their blood.
The remaining proceeds will be used for research and development activities, working capital and general corporate purposes.
INmune said the offering is expected to close by the end of January, provided the minimum offering amount is raised.
Univest Securities LLC is acting as the lead manager while WallachBeth Capital LLC and WestPark Capital Inc. are serving as co-managers for the IPO.