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Solid tumor biotech Genelux sets terms for $16 million IPO

September 19, 2022

Genelux, a Phase 3 biotech developing oncolytic viral immunotherapies for solid tumors, announced terms for its IPO on Monday. In its latest filing, the company also removed Valuable Capital as an underwriter.

The Westlake Village, CA-based company plans to raise $16 million by offering 2.5 million shares at a price range of $6 to $7. At the midpoint of the proposed range, Genelux would command a market cap of $153 million.

Genelux is developing a pipeline of oncolytic viral immunotherapies for patients suffering from aggressive and/or difficult-to-treat solid tumor types. The company's lead candidate, Olvi-Vec (olvimulogene nanivacirepvec), is a proprietary, modified strain of the vaccinia virus, a stable DNA virus with a large engineering capacity. The company has met the preestablished endpoint for a Phase 2 clinical trial of Olvi-Vec in platinum resistant/refractory ovarian cancer (PRROC), began regulatory study start-up for a Phase 3 registration trial of Olvi-Vec in PRROC in the 2Q22, and initiated enrollment in the 3Q22.

Genelux was founded in 2001 and plans to list on the Nasdaq under the symbol GNLX. The Benchmark Company and Brookline Capital Markets are the joint bookrunners on the deal.