Iomai files to offer up to $86.25 million of stock in IPO

New York, Oct. 3 - Iomai Corp. registered to sell up to $86.25 million of common stock in an initial public offering.

The company named UBS Investment Bank as bookrunner. SG Cowen & Co. is joint lead manager, and the syndicate also includes First Albany Capital and Susquehanna Financial Group, LLLP, according to an S-1 filed with the Securities and Exchange Commission.

Iomai has applied to list its common stock on the Nasdaq National Market under the symbol "IOMI."

The Gaithersburg, Md.-biopharmaceutical company concentrates on developing and commercializing vaccines and immunostimulants delivered to the skin.

It uses proprietary technology known as transcutaneous immunization that stimulates Langerhans cells, a specialized component of the immune system located in the outer layers of the skin, to produce a "robust immune response."

Proceeds from the IPO will be used to fund clinical trials, to fund operations and to provide working capital. Specifically, Iomai will use $20 million to conduct clinical trials for its needle-free travelers' diarrhea vaccine patch, $20 million to conduct clinical trials for its IS (immunostimulant) patch, $5 million to conduct clinical trials for its needle-free flu vaccine patch and the remainder to fund research and development on other programs and for working capital and other general corporate purposes.

Iomai had a net loss of $7.4 million for the six months to June 30, 2005 and has an accumulated deficit of $57.3 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.