GlobeImmune, which is developing therapeutic drugs for pancreatic cancer and hepatitis B and C, lowered the number of shares it plans to offer on its upcoming IPO. The Louisville, CO-based company announced on Wednesday that it plans to raise $25 million by offering 1.6 million shares at a price range of $15 to $17. It had previously filed to offer 2.2 million shares at the same range. At the midpoint, GlobeImmune will raise 29% less in proceeds than previously anticipated. Its fully diluted market value fell from $94 million to $84 million. Insiders are still expected to buy $10 million worth of shares, now 40% of the offering.
GlobeImmune, which was founded in 1995 and booked $22 million in collaboration services and milestone payments for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol GBIM. Aegis Capital is the sole bookrunner on the deal. It previously filed for an IPO in July 2012 but withdrew in October 2013. The company refiled in March 2014, and is expected to price during the week of May 26, 2014.