Selecta Biosciences, Inc. raised $74.1 million in its upsized initial public offering at $14.00 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters exercised their option to purchase an additional 289,633 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the sale of the shares will be used by Selecta Biosciences to support the clinical development of SEL-212, conduct preclinical studies in order to advance the development of Selecta’s other SVP product candidates and for working capital and general corporate purposes.
Selecta Biosciences, Inc. (NASDAQ: SELB) is a clinical-stage biopharmaceutical company developing targeted therapies that use immunomodulators encapsulated in nanoparticles to induce antigen-specific immune responses to prevent and treat disease. Selecta's proprietary Synthetic Vaccine Particle (SVP) technology is a highly flexible nanoparticle platform, capable of incorporating a wide range of antigens and immunomodulators, allowing the SVP products to either induce antigen-specific tolerance or activate the immune system. Selecta's focus is on developing and commercializing differentiated therapies that are designed to modulate the immune system to effectively and safely treat rare diseases by mitigating the formation of anti-drug antibodies (ADAs) in response to life-sustaining biologic drugs. Tolerance-inducing SVP products also have potential applications in the treatment of allergies and autoimmune diseases. Selecta is also developing SVP products that activate the immune system to prevent and treat cancer, infections and other diseases. Selecta is based in Watertown, Massachusetts, USA.