Immunotech Biopharm Ltd. priced its Hong Kong IPO of 100 million shares at between HK$10.50 and HK$11.00 apiece.

The Chinese cancer therapy developer will raise net proceeds of about HK$1 billion if the stock is priced at HK$10.75 per share, according to the company's filing with the Hong Kong Stock Exchange.

The company develops T cell immunotherapy and has not yet generated any revenue. Its lead product candidate, EAL, is under phase 2 clinical study for treating liver cancer.

Immunotech Biopharm plans to use proceeds from the offering to support ongoing clinical trial and commercialization of EAL as well as other therapies for certain types of blood cancer. It also plans to use the funds for working capital and other general corporate purposes.

The company plans to start trading in Hong Kong on July 10 under the stock code 6978.

CCB International Capital Ltd. and Guosen Securities (HK) Capital Co. Ltd. are the joint sponsors of the listing.