KaloBios Pharmaceuticals, a San Francisco-based biopharmaceutical company, sold 8.75 million shares at $8 per share Thursday, raising $70 million in its initial public offering. The stock is trading on the NASDAQ under the symbol KBIO. KaloBios is currently in phase one and phase two of developing treatments for respiratory diseases and certain cancers. The company is backed by several VC investors, including MPM BioVentures, Sofinnova Ventures, Alloy Ventures and GBS Venture Partners, among others. Leerink Swann served as sole book-running manager for the offering. Shares slipped in early trading before ending the day at $8.00.