Heat Biologics set a top target for its initial public offering. From US$24 million, the company now aimed to raise US$33 million.

According to updated securities filings, Heat Biologics still expected a price of US$10 to US$12 per share. However, the number of shares it aims to sell has been raised to more than 2.2 million.

The Chapel Hill immunotherapy developer will be trading in the stock exchange using the Nasdaq-approved symbol "HTBX". Heat Biologics was expected to go public on July 24, said IPOscoop.com.

The company has placed its expected proceeds from the IPO at US$22.5 million. This amount could still go up to US$26 million if underwriters overallot additional shares.

Proceeds from the IPO will be used in clinical trials of two experimental cancer treatments. These clinical-stage cancer therapies were HS-110 and HS-410. HS-110, a candidate treatment for non-small cell lung cancer, already completed its phase I clinical trials. On the other hand, HS-410, a candidate treatment for bladder cancer, was ready to begin its combined phase I and II trial.