Immuneering, a preclinical biotech targeting signaling pathways to treat cancer and neurological diseases, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $105 million by offering 7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Immuneering would command a fully diluted market value of $391 million.
Immuneering's oncology programs target mutations of the MAPK and mTOR pathways, which run parallel to each other and are inappropriately activated in over half of all cancers. The company's lead program, IMM-1-104, is a highly selective dual-MEK inhibitor being developed for the treatment of advanced solid tumor patients harboring RAS mutant tumors. Immuneering plans to submit an IND for IMM-1-104 in the 1Q22 and anticipates filings at least two additional INDs for its other oncology programs in each of 2023 and 2024.
Immuneering was founded in 2008 and booked $3 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol IMRX. Morgan Stanley, Jefferies, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
