Heat Biologics has now set a top target of of $33 million for its initial public stock offering, up from $24 million.
The Chapel Hill immunotherapy developer still expects to price its stock $10 to $12 per share, according to updated securities filings. But the company increased the number of shares it expects to sell to more than 2.2 million. The company has received approval from the Nasdaq exchange for the stock symbol “HTBX.” IPOscoop.com expects Heat Bio to go public on July 24.
Heat Bio expects to see net proceeds from IPO of $22.5 million. It could go up to $26 million if underwriters exercise the overallotment of additional shares they are allowed to sell from the offering. The company plans to use proceeds from the offering to advance two experimental cancer treatments in clinical trials.
Heat Bio has developed a way to prompt a patient’s own immune system to fight cancer. Its proprietary technology is dubbed “ImPACT,” which stands for Immune Pan-Antigen Cytotoxic Therapy. ImPACT works by genetically modifying cancer cells so they release a protein called gp96. This protein triggers the release of the patient’s own T cells, the cells that play a key role in an immune response, to fight the cancer. Heat Bio’s technology is licensed from the University of Miami, where it was originally developed.
Heat has two clinical stage cancer therapies. HS-110, Heat’s immunotherapy candidate for non-small cell lung cancer, has completed phase I clinical trials. HS-410 is ready to start a combined phase I and II trial in bladder cancer.
