Greenwich LifeSciences, a Phase 3 biotech developing immunotherapies for breast cancer, announced terms for its IPO on Tuesday.
The Stafford, TX-based company plans to raise $21 million by offering 2.7 million shares (63% insider) at a price range of $7.50 to $8.50. At the midpoint of the proposed range, Greenwich LifeSciences would command a fully diluted market value of $106 million.
The company is developing GP2, an immunotherapy designed to prevent the recurrence of breast cancer following surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein. In a Phase 2b clinical trial completed in 2018, no recurrences were observed in the HER2/neu 3+ adjuvant setting after median 5 years of follow-up, if the patient received the 6 primary intradermal injections over the first 6 months. The company is planning to commence a Phase 3 trial in 2020.
Greenwich LifeSciences was founded in 2006 and plans to list on the Nasdaq under the symbol GLSI. Aegis Capital Corp. is the sole bookrunner on the deal.
