Graphic taken from company website.
Vaccine developer Genocea Biosciences Inc. priced an initial public offering of 5.5 million shares at $12 a share Wednesday, raising $60 million in an offering that was more modest than those of many biotechs that have gone public in recent months.
Genocea, based in Cambridge, was scheduled to begin trading on the Nasdaq exchange at 11:30 a.m. under the ticker symbol GNCA.
The company’s IPO, priced on the lower end of an earlier specified $12 to $14 a share range, seemed likely to be a test of how life sciences offerings would fare at a time when the broader financial markets have been retreating. The Dow Jones Industrial Average has lost nearly 7 percent since the start of the year.
Genocea said it granted its underwriters a 30-day option to buy up to another 825,000 shares at the offering price by Feb. 10. The underwriters are Citigroup Global Markets; Cowen & Co.; Stifel, Nicolaus & Co.; and Needham & Co.