GlobeImmune offers little promise for IPO investors.

GlobeImmune (GBIM) is scheduled to price their IPO this week. Wells Fargo and Piper are leading the underwriting group for this $60M IPO (5M shares with a $12 mid-point.) This would put a valuation of $206M on the 36-person company.

On the positive side at least one pharma partner (Celgene) is planning to purchase shares in the IPO. The company has a few compounds for cancer and infectious disease therapy. As with most biotechnology deals there is a long presentation on the science and effectiveness of the potential drugs in early stage trials.

But the discussion is not . . .

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