Michigan cancer-fighting biotech spin-out lands $82m in IPO.

OncoMed Pharmaceuticals, a spin-out of the University of Michigan, has raised nearly $82m in an initial public offering (IPO).

Founded in 2004, the firm is commercialising cancer-fighting drugs that target stem cells responsible for the growth and metastasis of tumours.

The company offered 4.8 million in shares at $17 each, above the expected range. It will be traded on NASDAW under the name OMED.

Including the IPO financing, the firm has raised $407.5m to date. Of this, $187.1m comes from…

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