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(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.
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