Immunomedics Announces Closing of Public Offering of Common Stock
June 15 2018 - 11:39AM
Immunomedics, Inc. (NASDAQ:IMMU) (“Immunomedics”
or the “Company”), a leading biopharmaceutical company in the area
of antibody-drug conjugates (ADC), today announced the closing of
its previously announced underwritten public offering of 11,500,000
shares of the Company’s common stock at a public offering price of
$24.00 per share. The total net proceeds from the offering for
Immunomedics are estimated to be approximately $260 million, after
deducting underwriting discounts and commissions and other
estimated offering expenses payable by the Company.
Immunomedics intends to use the net proceeds
from the proposed offering for the acceleration of the clinical
development program of sacituzumab govitecan, manufacturing process
improvements as well as for working capital and general corporate
purposes.
Morgan Stanley, Cowen and Jefferies acted as
book-running managers for the offering and Wells Fargo Securities
acted as lead manager.
Immunomedics was represented by DLA Piper LLP
(US), Short Hills, New Jersey as legal counsel.
The underwriters were represented by Goodwin
Procter LLP, New York, New York as legal counsel.
The shares of common stock were offered pursuant
to a shelf registration statement on Form S-3 that Immunomedics
filed with the Securities and Exchange Commission on June 11, 2018
and that became effective upon filing. A preliminary prospectus
supplement, the accompanying prospectus relating to this offering,
and a final prospectus supplement were filed with the SEC and are
available on the SEC’s website located at www.sec.gov. Copies of
the final prospectus supplement and the accompanying prospectuses
relating to this offering may be obtained from Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, New York 10014, Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (631) 274-2806, and Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340
or by email at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there by
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About ImmunomedicsImmunomedics
is a clinical-stage biopharmaceutical company developing monoclonal
antibody-based products for the targeted treatment of cancer and
other serious diseases. Immunomedics’ corporate objective is to
become a fully-integrated biopharmaceutical company and a leader in
the field of antibody-drug conjugates. For additional information
on the Company, please visit its website at
https://immunomedics.com/. The information on its website does not,
however, form a part of this press release.
Cautionary note regarding
forward-looking statementsInvestors are cautioned that
statements in this press release regarding the public offering,
including the anticipated use of proceeds therefrom, constitute
forward-looking statements that involve risks and uncertainties,
including, without limitation, risks and uncertainties related to
market conditions and the satisfaction of customary closing
conditions related to the public offering. Additional information
on risks facing Immunomedics can be found under the heading "Risk
Factors" in Immunomedics’ periodic reports, including its annual
report on Form 10-K and quarterly reports on Form 10-Q, and in the
prospectus supplement relating to the offering filed with the
Securities and Exchange Commission, each available on the SEC's web
site at www.sec.gov. Immunomedics expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statements are based.
For More
Information:
Investors:Dr. Chau ChengSenior
Director, Investor Relations & Corporate Secretary(973)
605-8200, extension 123ccheng@immunomedics.com
For Media
Inquiries:media@immunomedics.com
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