Chapel Hill-based Heat Biologics has priced its stock offering – after a big reverse stock split.

The startup says it hopes to sell 1.65 million shares at between $10 and $12 per share.

That’s pretty much in line with its projected fund raising target of $20 million as noted in the first SEC filing.

Heat says it executed a “1-for-23 reverse stock split” as of May 29.

Regado Biosciences also priced its IPO this week. Both firms limited disclosures, citing the 2012 JOBS Act.

“We are an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and, as such, may elect to comply with certain reduced public company reporting requirements for future filings,” Heat Biologics noted.

The JOBS Act helps reduce the costs of the IPO process.

Heat Biologics reported only $3,110 in revenue a year ago and a loss of $2.5 million. Since its launch in 2008 it has lost some $6 million.

If the IPO is successful Heat Biologics would trade on the Nasdaq under the symbol “HEAX.”

Aegis Capital Corporation is handling the offering. Cantor Fitzgerald is the co-manger.

If the IPO is successful, Heat Biologics said proceeds would be spent as follows:

  • “approximately $8,350,000 to complete our Phase II clinical trials for HS-110 against non-small lung cancer and the submission of related materials to the FDA or an equivalent amount as grant matching funds to fund an expanded clinical trial;
  • “approximately $1,000,000 for initiation and completion of Phase I clinical trials of HS-410 against bladder cancer;
  • “approximately $100,000 to enhance the scope of and pay regulatory fees for our HS-110 lung cancer investigator-sponsored trial to test the use of HS-110 as a combination therapy against lung cancer;
  • “approximately $1,500,000 to fund one to two additional Phase 1 clinical trials on additional cancer indications;
  • “$300,000 to repay the portion of the loan from Square 1 Bank that is due and payable in the next eighteen months which is estimated to be $300,000; and
  • “the remaining net proceeds will be used for general corporate purposes, including ongoing operations and expansion of the business, further research and development, vendor payables, potential regulatory submissions and hiring additional sales and marketing personnel to support increased sales and marketing activities.” Heat Biologics does have some capital in hand. The company said in April that it had raised $5 million as the Chapel Hill firm continues evaluating its cancer-fighting technology in clinical trials.”

According to securities filings, the funding is a mix of equity and options, warrants and rights to acquire other securities. A total of 20 investors participated in the offering.

In December, Heat Biologics secured a line of credit from Square 1 Bank as a continuing effort to raise financing to help pay for clinical trials. The amount of the financing was not disclosed.

“Proceeds of the credit facility will be used to support ongoing clinical trials and company growth,” Square 1, which is based in Durham, said in announcing the deal.

In January, the company also secured a $250,000 loan from the N.C. Biotechnology Center.

Heat had been in the midst of a $4.14 million fundraising effort for more than a year.

As of December 2011, the company had raised $2.8 million in equity financing from three investors were were not identified in an SEC filing.

Heat Biologics is in phase II clinical trials studying HS-110 as a treatment for non-small cell lung cancer. A bladder cancer treatment is also being prepared to start clinical trials. The company has developed a proprietary technology it calls Immune Pan-Antigen Cytotoxic Therapy, or ImPACT. The technology reprograms live tumor cells to continually produce antigens that prompt the body’s immune system to fight disease. Heat Bio aims to use ImPACT would to make off-the shelf vaccines that can be used by a general population of patients, unlike some of personalized medicine therapies that are patient specific.

Heat Biologics was spun out of the University of Miami in 2008. The company relocated to North Carolina in 2011.