Barer & Son Capital and Hibiscus Capital Management Announce Successful Initial Public Offering of Portfolio Company NexImmune
On February 17, 2021, NexImmune, Inc. successfully closed an upsized initial public offering (IPO), raising approximately $126.5 million before any deductions. The IPO saw an increase in demand, leading to the sale of 7,441,650 shares at a price of $17.00 each. On its first trading day, shares surged 49% to close at $25.33. NexImmune is a clinical-stage biotechnology company focused on novel immunotherapy approaches for hard-to-treat cancers and immune-mediated diseases.
- Raised approximately $126.5 million through an upsized IPO.
- Significant share price increase of 49% on the first day of trading.
- Strong demand led to the upsizing of shares offered.
- Innovative approach in immunotherapy targeting difficult diseases.
- None.
ROCKVILLE, Md., Feb. 23, 2021 /PRNewswire/ -- Barer & Son Capital, a life science venture capital fund managed by Hibiscus Capital Management, is pleased to announce that on February 17, 2021, its portfolio company, NexImmune, Inc. ("NexImmune"), closed an upsized initial public offering raising gross proceeds, before deducting underwriting discounts and commissions and offering expenses, of approximately
NexImmune's IPO was met with significant demand, resulting in an upsizing to 7,441,650 shares of common stock, including the full exercise of the underwriters' option to purchase 970,650 additional shares, at
"At Hibiscus Capital Management, we seek to invest in companies with innovative and ground-breaking science. We believe that NexImmune is precisely that. NexImmune's precision technology, broad platform, and unique approach to immunotherapy offer promise in restoring hope for patients suffering from difficult-to-treat cancers and immune-mediated diseases," said Josh Barer, Managing Director of Hibiscus Capital Management. "We are extremely pleased with NexImmune's clinical progress and executive leadership, which were both major factors in this successful IPO. We look forward to continuing our NexImmune partnership as the company progresses clinical development of several novel T-cell immunotherapies and direct-injectable artificial Antigen Presenting Cells."
NexImmune, based in Gaithersburg, Maryland, is a clinical-stage biotechnology company developing a novel approach to immunotherapy designed to employ the body's own T cells to generate a specific, potent and durable immune response. NexImmune's IPO pricing announcement can be accessed here.
About Hibiscus Capital Management
Hibiscus Capital Management (HCM) is a venture capital group that is focused on investing in life science companies developing technologies for patients with unmet medical needs. Formed in 2019 following the success of the Barer Family Office, HCM partners with portfolio companies and investors to achieve long-term growth providing the technology, capital, and people that are central to successful biotechnology investing. Learn more about Hibiscus Capital Management here: https://hibiscuscapitalmanagement.com/
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SOURCE Hibiscus Capital Management
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