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Immunotherapy biotech NexImmune ups share offering by 25% ahead of $94 million IPO

February 11, 2021

NexImmune, a Phase 1/2 biotech developing T cell immunotherapies for cancer, raised the proposed deal size for its upcoming IPO on Thursday.

The Gaithersburg, MD-based company now plans to raise $94 million by offering 5.9 million shares at a price range of $15 to $17. The company had previously filed to offer 4.7 million shares at the same range. Existing shareholders intend to purchase $20 million worth of shares in the offering. At the midpoint of the range, NexImmune will raise 25% more in proceeds than previously anticipated.

NexImmune is developing a novel approach to immunotherapy designed to employ the body's own T cells to generate a specific, potent, and durable immune response that mimics natural biology, focusing on patients with cancer and other life-threatening immune-mediated diseases. The company currently has two candidates in Phase 1/2 trials: NEXI-001, for acute myeloid leukemia, and NEXI-002, for multiple myeloma. The company expects to announce data for most patients in both trials by the end of 2021.

NexImmune was founded in 2011 and plans to list on the Nasdaq under the symbol NEXI. Barclays, Cantor Fitzgerald, Raymond James and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2021.