Clinical-stage biopharmaceutical company Electra Therapeutics plans to sell nearly 21.7 million shares at between $14 and $16 apiece in its initial public offering.

At the $15 midpoint of that price range, the South San Francisco, Calif., company said it expects net proceeds of about $296.6 million, or roughly $341.9 million if the underwriters exercise an option to buy an additional 3.25 million shares.

Electra, which focuses on treatments for immune-mediated diseases and cancer, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its projected operating expenses and capital-spending needs into 2029.

Electra said it would have about 60.4 million shares outstanding after the IPO, assuming an exercise of the overallotment option, for a market capitalization of around $905 million at the $15-a-share pricing midpoint.

The company said it has applied to list its shares on the Nasdaq Global Select Market under the symbol ETRA.