Skip to main content
Advertising

Originally published June 24, 2014 at 12:27 PM | Page modified June 25, 2014 at 7:06 AM

  • Share:
           
  • Comments (0)
  • Print

Immune Design files for IPO

Seattle-based biotechnology company Immune Design wants to raise $60 million in an initial public offering to take its immune-based therapies to fight off cancer and other chronic diseases to the next round of clinical trials.


Seattle Times business reporter

advertising

Immune Design, a Seattle biotechnology company working on immune-based therapies to fight cancer, has filed documents with the Securities and Exchange Commission to go public.

The biotech, on Eastlake Avenue East, said it wants to raise $60 million to complete the phase 1 clinical trials and to support continued development, including into phase 2 clinical trials.

The company’s main focus and research is on targeting tumors and killing them off through the body’s immune system. The treatment is done through a series of injections on patients with breast cancer, melanoma, non-small cell lung cancer, ovarian cancer, sarcoma or Merkel cell carcinoma.

Immune Design has three clinic trials under way. The most recent, which started in April, is scheduled to be completed in December 2016. The trials are being held at the University of Washington, the Seattle Cancer Care Alliance, and at eight other cancer-research institutes around the country.

Immune Design has never been profitable and does not plan on bringing in real revenues in the foreseeable future, according to documents filed with the SEC on Monday. Its only revenue is through licensing agreements and limited product sales worth $9.4 million in revenue in its six-year existence.

The company has raised $93.7 million, mostly through investors, and has an accumulated a deficit of $64.8 million. At the end of 2013, Immune Design had $30.4 million in cash. In the first three months of 2014, its net loss was $8.2 million, the SEC documents showed.

Spending this amount is normal for biotechnology companies, said Chris Rivera, president and CEO of the Washington Biotechnology and Biomedical Association. Even after the product is ready for clinical testing, Rivera said, it can cost tens of thousands of dollars per patient.

“It is risky (to invest in biotechnology),” Rivera said, “but there can also be tremendous value for investors.”

Last fall, Immune Design secured $32.5 million from investors. The Column Group, Topspin Partners, Sanofi-Genzyme BioVentures, Alta Partners, Versant Ventures, Osage Partners and ProQuest Investments have all invested in the company.

CEO Carlos Paya been with the company since 2011. He has worked as president for another biotech company before Immune Design and was a professor and vice dean at the Mayo Clinic in Minnesota.

As of June 19, Immune Design employed 24 people full time and three part time.

It filed for its IPO under the Jumpstart our Business Startups Act of 2012, which allows emerging companies to go public without having to disclose as much financial information as a typical company.

Wells Fargo, Jefferies and Leerink Partners are underwriting the offering. The company plans to trade under the symbol IMDZ on the Nasdaq market.

Earlier this month, another Seattle company, Trupanion, filed for a JOBS IPO. The pet-insurance company plans to raise $75 million.

Brandon Brown: 206-464-2164 or brbrown@seattletimes.com



Want unlimited access to seattletimes.com? Subscribe now!

Also in Business & Technology

News where, when and how you want it

Email Icon

The summer is wide open.

The summer is wide open.

Follow our three-part "Washington's National Parks" series running through August 10 for an in-depth look at some of our local treasures.

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►