Immunotherapy developer Genelux stock trades slightly higher following $15M IPO

Genelux (GNLX) shares were trading slightly higher following the immunotherapy developer's $15M initial public offering on Thursday.

Shares of Genelux opened at $6 at around noontime, reaching a high of $7.94 before sliding to a low of $5.95 in early afternoon. The stock recently changed hands at $6.20, up 3% from their IPO price, at around 3:10 p.m. ET.

Genelux offered 2.5M shares priced at $6 per share. Underwriters were given a 30-day option to buy up to 375K additional shares to cover any over-allotments. The Benchmark Company and Brookline Capital Markets are serving as lead bookrunners.

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

The biotech company first filed for an IPO in June, seeking around $30M.