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Cancer immunotherapy developer Genelux (GNLX) has set terms for a proposed downsized $16M initial public offering.

According to a recent filing, Genelux is looking to offer 2.5M shares priced between $6 and $7 per share, which would raise around $16M if priced at the midpoint at $6.50.

Underwriters would be granted an option to buy up to 375K additional shares. The Benchmark Company and Brookline Capital Markets are serving as lead bookrunners.

The company hopes to lists its shares on Nasdaq under the symbol GNLX.

Genelux is still operating in the red. For 2021, the biotech company reported a net loss of $16M with no revenue.

Based in California, Genelux has been working on oncolytic viral immunotherapies for aggressive or hard-to-treat cancerous tumors. The company is currently planning Phase 3 clinical trials for its lead drug candidate, Olvi-Vec, in the treatment of ovarian cancer.

Genelux first filed for an IPO in June, indicating it was looking to raise up to $30M.

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