ARMO BioSciences (ARMO) IPO Opens Up 65%

Today's IPO for ARMO BioSciences (NASDAQ: ARMO) opened for trading at $28 after pricing 7,529,412 shares of its common stock at a price to the public of $17.00 per share.

In addition, ARMO has granted the underwriters a 30-day option to purchase up to an additional 1,129,411 shares of common stock at the public offering price, less underwriting discounts and commissions.

Jefferies LLC, Leerink Partners LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the proposed offering. Baird is acting as co-manager.

ARMO BioSciences is a late-stage immuno-oncology company that is developing a pipeline of novel, proprietary product candidates that activate the immune system of cancer patients to recognize and eradicate tumors. The Company's lead product candidate, AM0010 (pegilodecakin), is being evaluated in an ongoing Phase 1/1b clinical trial as a therapy for pancreatic cancer, non-small cell lung cancer, renal cell carcinoma, colorectal carcinoma and melanoma. In addition, AM0010 is being evaluated in a Phase 3 randomized pivotal clinical trial in pancreatic cancer patients, which compares a combination of AM0010 and FOLFOX to FOLFOX alone, as a second-line therapy after tumor progression during or following a gemcitabine-containing regimen. The Company also has a number of other immuno-oncology product candidates aimed at treating a variety of cancers in combination with standard of care treatments and emerging immunotherapies. These candidates are in various stages of pre-clinical development, and include: AM0001, an anti-PD-1 checkpoint inhibitor; AM0003, an anti-LAG-3 checkpoint inhibitor; AM0015, a form of recombinant human Interleukin-15 (IL-15) cytokine; and AM0012, a form of recombinant human Interleukin-12 (IL-12) cytokine.

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