ImmunoGen Announces Closing of Public Offering of Common Stock, Including Full Exercise of Underwriters’ Option to Purchase...
October 11 2017 - 4:01PM
Business Wire
ImmunoGen, Inc. (NASDAQ: IMGN) today announced the closing of
its previously announced underwritten public offering of 16,675,000
shares of its common stock, including 2,175,000 shares sold
pursuant to the underwriters’ full exercise of their option to
purchase additional shares, at a price to the public of $6.50 per
share. The gross proceeds to ImmunoGen from the offering (before
deducting the underwriting discounts and offering expenses) were
$108.4 million.
ImmunoGen anticipates using 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 acted as
joint book-running managers for the offering. Canaccord Genuity
acted as sole co-manager for the offering.
The securities described above were 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 was filed with the SEC and is available on
the SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus may be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022 , or
by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; 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 are being developed in collaboration with Jazz
Pharmaceuticals. 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 public offering of securities
by ImmunoGen, including statements about the anticipated use of the
net proceeds of the offering. 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: 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/20171011006029/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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