Immune Design Corp., a Seattle biotechnology company developing technologies to activate the body’s immune system to fight cancer, has filed to raise $60 million through an initial public offering. The company
Like most biotech companies, Immune Design is losing money. It posted a net loss of $16 million last year, and has compiled an accumulated deficit of $64.8 million since it was founded in 2008.
It finished the first quarter with $25 million in cash and cash equivalents. Immune Design raised $32.5 million in venture capital financing last year, including cash from The Column Group, Topspin Partners, Alta Partners, Versant Ventures, Osage Partners and ProQuest Investment.
The Column Group holds a 26 percent stake in the company, while ProQuest holds 24.1 percent and Alta Partners and Versant Ventures each hold 20.9 percent.
The company is led by CEO Carlos Paya, the former president of Elan who previously served as Vice President of Lilly Research Laboratories. Paya, who holds a 2.1 percent stake in the company, joined in 2011.
Immune Design is the second Seattle area company to file for an IPO this month, following in the footsteps of pet insurance company Trupanion.
Immune Design plans to trade on the Nasdaq under the ticker IMDZ.