ImmunoGen Announces Proposed Public Offering of Common Stock
October 04 2017 - 4:01PM
Business Wire
ImmunoGen, Inc. (NASDAQ: IMGN) today announced that it intends
to offer and sell, subject to market and other conditions,
13,000,000 shares of its common stock in an underwritten public
offering. ImmunoGen also intends to grant the underwriters a 30-day
option to purchase up to an additional fifteen percent (15%) of the
shares of common stock offered in the public offering. All of the
shares of common stock to be sold in the offering are to be offered
by ImmunoGen.
ImmunoGen intends to use the net proceeds of the offering,
together with its existing capital, to fund its operations,
including, but not limited to, research and development activities,
clinical trial activities, manufacturing and supply of drug
substance and drug products, commercialization preparation,
acquisitions of new technologies, capital expenditures and working
capital.
Jefferies, Leerink Partners and RBC Capital Markets are acting
as joint book-running managers for the proposed offering. Canaccord
Genuity is acting as co-manager for the proposed offering.
The securities described above are being offered by ImmunoGen
pursuant to a shelf registration statement that was previously
filed with and declared effective by the Securities and Exchange
Commission (SEC). This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC’s website at www.sec.gov. Copies of the
preliminary prospectus supplement, when available, may also be
obtained by contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY
10022, or by email at Prospectus_Department@Jefferies.com or by
phone at (877) 547-6340; Leerink Partners LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, MA 02110, or by
telephone at (800) 808-7525, ext. 6132 or by email at
syndicate@leerink.com; or RBC Capital Markets, LLC, 200 Vesey
Street, 8th Floor, New York, NY 10281-8098, Attention: Equity
Syndicate, or by telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com.
About ImmunoGen
ImmunoGen is a clinical-stage biotechnology company that
develops targeted cancer therapeutics using its proprietary
antibody-drug conjugate (ADC) technology. The Company’s lead
product candidate, mirvetuximab soravtansine, is in a Phase 3 trial
for FRα-positive platinum-resistant ovarian cancer, and is in a
Phase 1b/2 trial in combination regimens for earlier-stage disease.
ImmunoGen has three additional clinical-stage compounds, two of
which Jazz Pharmaceuticals has exclusive, worldwide rights to opt
into development and commercialization. ImmunoGen’s ADC technology
is also used in Roche’s marketed product, Kadcyla® and in programs
in development by Amgen, Bayer, Biotest, CytomX, Debiopharm, Lilly,
Novartis, Sanofi and Takeda.
Kadcyla® is a registered trademark of Genentech, a member of the
Roche Group.
This press release includes forward-looking statements,
including statements related to the proposed public offering of
securities by ImmunoGen, including the anticipated use of proceeds
therefrom. For these statements, ImmunoGen claims the protection of
the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Various factors
could cause actual results to differ materially from those
discussed or implied in the forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this release.
Factors that could cause future results to differ materially from
such expectations include, but are not limited to: the
uncertainties related to market conditions and the completion of
the public offering on the anticipated terms or at all,
uncertainties inherent in the initiation of future clinical trials
and such other factors more fully described in ImmunoGen’s
transition report on Form 10-K for the six-month period ended
December 31, 2016 and other reports filed with the Securities and
Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20171004006295/en/
For InvestorsImmunoGen, Inc.Sarah Kiely,
781-895-0600sarah.kiely@immunogen.comorFor MediaImmunoGen,
Inc.Courtney O’Konek,
781-895-0158courtney.okonek@immunogen.comorFTI Consulting,
Inc.Robert Stanislaro,
212-850-5657robert.stanislaro@fticonsulting.com
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