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immunedesign11Trading on the NASDAQ under the ticker IMDZ, Seattle biotech company Immune Design today priced its initial public offering at $12 per share and raised $60 million.

The company, which is working on novel technologies that activate the body’s immune system to fight cancer, had previously set its IPO range at $12 to $14 per share with a maximum offering price at $74.8 million. Its stock rose to $12.81 on Thursday, but fell back down to $12.05 by the closing bell. It decreased slightly in after hours trading to $12.03 per share.

Led by CEO Carlos Paya, the former president of Elan, Immune Design reported a net loss of $16 million last year, and has reported an accumulated deficit of $64.8 million since it was founded. The company said it anticipates losses for the foreseeable future.

Immune Design has raised nearly $100 million in venture funding, including $49 million last year. Its backers include The Column Group, Topspin Partners, Alta Partners, Versant Ventures, Osage Partners and ProQuest Investment.

Immune Design is the second Seattle-area company to complete an IPO in the past 30 days, following in the footsteps of pet insurance company Trupanion.

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