NexImmune Raises Gross Proceeds of $126.5M in Upsized IPO after Full Exercise of Underwriters’ Option to Purchase Additional Shares
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 $126.5 million. The gross proceeds included the exercise in full by the underwriters of their option to purchase additional shares. NexImmune’s shares are traded on the Nasdaq Global Market under the symbol “NEXI.”
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 $17.00 per share. On its first day of trading, NexImmune’s share price increased by 49% to close at $25.33 per share.
“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/
