Benzinga | Jul 30, 2021 02:24PM EDT

Oncology-Focused Biotech Immuneering Jumps To Wall Street With $112M IPO

* Immuneering Corp (NASDAQ:IMRX) has kept a relatively low profile since launching with $17 million back in 2019. That is until it landed another $62 million and recruited Jefferies analyst Biren Amin as CFO earlier this year.

* Now, the biotech is hopping onto NASDAQ with a $112.5 million IPO. At the beginning of this month, the Company penciled in a $100 million IPO raise.

* Immuneering offered 7.5 million shares at $15 apiece, the midpoint of a $14 to $16 range.

* Between $33 million and $38 million will be used to bring Immuneering's lead candidate, a dual-MEK inhibitor dubbed IMM-1-104, into the clinic for advanced solid tumors in patients harboring RAS mutations, according to the S-1/A.

* Immuneering plans on submitting an IND for that candidate in the first quarter of 2022.

* Another $38 million to $43 million will fund the development of other candidates in oncology and neuroscience.

* Price Action: IMRX opened for trade at $19.50 and traded at $17.63 during the market session on the last check Friday.