Preclinical cancer biotech IGM Biosciences sets stage for upsized $175M IPO
Flush with cash from a $102 million round in July, preclinical biotech IGM Biosciences and its enriched squad of cancer-focused antibodies are scurrying onto an upsized Nasdaq debut.
The Mountain View, California-based company in August unveiled plans for a $100 million IPO — on Tuesday it disclosed it had raised $175 million by selling about 10.9 million shares for $16/share. It will begin trading under the symbol “IGMS” on Wednesday.
The biotechnology company’s arsenal of therapies-in-development are based on engineered IgM antibodies to combat cancer — carving itself a niche from the swathes of drugmakers who have harnessed the potential of IgG antibodies to develop oncology treatments.
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