Announcements of public offerings of common stock have increased recently as stock prices start to rise, and now we have the first initial public offering (IPO) in about one year. Genitope Corp. (Redwood City, CA) is planning to raise 69 million dollar in an IPO. The number of shares and the price per share have yet to be determined. This is the first biotech IPO since Biodelivery Sciences International Inc. (Newark, NJ) went public last July. Genitope's product, named Myvax, is a patientspecific vaccine, administered with granulocyte-macrophage colony-stimulating factor as an adjuvant, for treating lymphoma. It is in a pivotal Phase III trial and in several Phase II trials in patients with follicular B-cell non-Hodgkin's lymphoma (NHL). Genitopeexpects patient registration to be completed in the first quarter of 2004. Two interim analyses will be conducted 12 and 24 months after the last patient is registered, and follow-up is expected to last for 42 months after the last patient is registered.The company plans to start construction on the manufacturing facility and start clinical trials in indolent B-cell NHL next year. Genitope hopes to submit a biologies license application for B-cell NHL in 2005 and launch Myvax in 2006. A program in T-cellNHL is also planned.
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