Malaysian biotech CytoMed Therapeutics (GDTC) has filed for a proposed $15M initial public offering.

CytoMed is a biotech company spun off from Agency for Science, Technology and Research (A*STAR), Singapore’s lead R&D agency in public sector and focus on translating proprietary technologies into cell-based immunotherapies for cancers. 

CytoMed didn’t state in its filing the number and price of the shares it intends to offer but did indicate in an attached filing fee schedule that it was looking to raise around $15M. 

The company hopes to list its shares on Nasdaq under the symbol GDTC. The Benchmark Co. and Axiom Capital Management are serving as lead bookrunners.

Incorporated in Singapore, CytoMed conducts most of its operations in Malaysia. The company has been developing cell-based immunotherapies for treating cancer. It hopes to use proceeds from the IPO to advance two lead drug candidates into Phase 1 testing.

A pre-clinical stage company, CytoMed is currently operating in the red. For the six-month period ended June 30, CytoMed reported a net loss of $1M and no revenue.