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I-O company Surface Oncology files for IPO, to raise $11.5M in placement

Cambridge, Mass.-based Surface Oncology Inc. filed for an IPO of its common stock, hoping to raise up to $75 million.

The immuno-oncology company plans to list its shares on the Nasdaq Global Market under the symbol SURF.

Goldman Sachs & Co. LLC and Cowen and Co. LLC are acting as the representatives of the underwriters for the offering.

Meanwhile, Novartis Institutes for BioMedical Research Inc. — a unit of Novartis AG — also agreed to buy $11.5 million worth of Surface Oncology shares in a concurrent private placement.

Surface plans to use the net proceeds from the IPO and the placement for operating expenses and capital expenditure requirements.

Surface Oncology develops cancer therapies by adjusting a patient's immune system to fight cancer.