On June 23, 2020 Greenwich LifeSciences, a Phase 3 biotech developing immunotherapies for breast cancer, reported that terms for its IPO on Tuesday (Press release, Greenwich LifeSciences, JUN 23, 2020, View Source [SID1234561462]).

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The Stafford, TX-based company plans to raise $21 million by offering 2.7 million shares (63% insider) at a price range of $7.50 to $8.50. At the midpoint of the proposed range, Greenwich LifeSciences would command a fully diluted market value of $106 million.

The company is developing GP2, an immunotherapy designed to prevent the recurrence of breast cancer following surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein. In a Phase 2b clinical trial completed in 2018, no recurrences were observed in the HER2/neu 3+ adjuvant setting after median 5 years of follow-up, if the patient received the 6 primary intradermal injections over the first 6 months. The company is planning to commence a Phase 3 trial in 2020.

Greenwich LifeSciences was founded in 2006 and plans to list on the Nasdaq under the symbol GLSI. Aegis Capital Corp. is the sole bookrunner on the deal.

The article Breast cancer biotech Greenwich LifeSciences sets terms for $21 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.