Heat Biologics has upped the ante for its IPO

dranii@newsobserver.comJuly 10, 2013 

Chapel Hill-based Heat Biologics has upped the amount of money it hopes to raise in an initial public offering of stock.

Separately, website IPOScoop.com is anticipating that Heat Biologics will price its shares after the market closes on July 24. That would mean that shares would start trading the following day.

IPOScoop maintains an IPO schedule based on information obtained from the underwriters.

Heat Biologics, a small, 5-year-old developer of cancer treatments that doesn’t have any products on the market, reported in a filing this week that it has targeted reaping $22.5 million – after deducting expenses – by selling 2.3 million shares priced at $11 each, the midpoint of the price range it is considering.

In earlier filings, the company had targeted raising $16.4 million by selling 1.65 million shares priced at $11 each.

The new filing contemplates selling off a 39 percent ownership stake in the business. Previously, Heat Biologics planned to sell a 32 percent stake.

Heat Biologics isn’t specifying how it would use the extra money it hopes to raise. It previously disclosed that it has designated $8.35 million to complete phase 2 clinical trials of its lung cancer treatment, $2.6 million for other drug tests and $300,000 to repay a portion of its loan due in the next 18 months.

The company says its technology is designed to reprogram human cells to stimulate a patient’s immune system and kill cancerous cells.

Today Heat Biologics has five full-time employees and seven other workers who are part-timers or consultants. The company intends to hire up to 10 employees over the next 12 months if it succeeds in going public.

The company’s shares would be traded on the Nasdaq exchange under the ticker symbol HTBX.

Ranii: 919-829-4877

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