The Sanofi-backed immunotherapy company has raised $117m since it was founded in 2007, and plans to use he proceeds to advance its lead drug into phase 2 trials.

Selecta Biosciences, a US-based immunotherapy drug developer backed by pharmaceutical company Sanofi, filed for an initial public offering on Nasdaq on Tuesday that is sized at up to $75m.

Founded in 2007, Selecta is developing treatments based on its synthetic vaccine particle to combat rare and serious diseases. The therapeutics would in particular seek to modulate the formation of anti-drug antibodies by the mmune system that may stop treatment from working.

Part of the proceeds will fund a phase 2…