ImmunoGen Announces Closing of Public Offering of Common Stock
June 11 2018 - 4:05PM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer,
today announced the closing of its previously announced
underwritten public offering of 13,700,000 shares of its common
stock at a price to the public of $11.00 per share. The gross
proceeds to ImmunoGen from the offering (before deducting the
underwriting discounts and offering expenses) were $150.7 million.
In addition, ImmunoGen has granted the underwriters a 30-day option
to purchase up to an additional 2,055,000 shares of common stock at
the public offering price, less the underwriting discount.
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.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and
Cowen and Company, LLC acted as joint book-running managers for the
offering. Canaccord Genuity LLC acted as lead manager and H.C.
Wainwright & Co. acted as co-manager for the offering.
The securities described above were offered by ImmunoGen
pursuant to a shelf registration statement that was previously
filed with the Securities and Exchange Commission (SEC) and became
effective upon filing. 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 J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone at (866) 803-9204, or by email at
prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, or by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; or Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department, or by calling (631)
274-2806.
ABOUT IMMUNOGENImmunoGen is developing the next
generation of antibody-drug conjugates (ADCs) to improve outcomes
for cancer patients. By generating targeted therapies with enhanced
anti-tumor activity and favorable tolerability profiles, we aim to
disrupt the progression of cancer and offer our patients more good
days. We call this our commitment to “target a better now.” Our
lead product candidate, mirvetuximab soravtansine, is in Phase 3
study for folate receptor alpha (FRα)-positive platinum-resistant
ovarian cancer, and in Phase 1b/2 testing in combination regimens.
Our novel IGN candidates for hematologic malignancies, IMGN779 and
IMGN632, are in Phase 1 studies.
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 Annual Report on Form 10-K for the year ended
December 31, 2017 and other reports filed with the Securities
and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20180611006092/en/
ImmunoGen, Inc.INVESTOR RELATIONS CONTACTSarah Kiely,
781-895-0600sarah.kiely@immunogen.comorMEDIA CONTACTCourtney
O’Konek, 781-895-0600courtney.okonek@immunogen.comorFTI
ConsultingRobert Stanislaro,
212-850-5657robert.stanislaro@fticonsulting.com
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