ImmunoGen Announces Pricing of Public Offering of Common Stock
January 22 2020 - 8:44PM
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 pricing of an underwritten public offering of
21,325,000 shares of its common stock at a price of $4.25 per
share, before underwriting discounts. ImmunoGen also granted the
underwriters a 30-day option to purchase up to an additional
3,198,750 shares of its common stock at the public offering price,
less the underwriting discounts. All of the shares of common stock
in the offering are to be sold by ImmunoGen.
ImmunoGen anticipates the total gross proceeds from the offering
(before deducting the underwriting discounts and estimated offering
expenses) will be $90.6 million, excluding any exercise of the
underwriters’ option to purchase additional shares.
ImmunoGen intends to use the net proceeds of the offering,
together with its existing capital, to fund its operations,
including, but not limited to, clinical trial activities, supply of
drug substance and drug product, pre-commercialization activities,
capital expenditures, and working capital.
Jefferies, Cowen and William Blair are acting as joint
book-running managers for the proposed offering.
The offering is expected to close on or about January 27, 2020,
subject to satisfaction of customary closing conditions.
The securities described above are being 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 may be obtained by contacting Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, by e-mail at
prospectus_department@jefferies.com or by telephone at (877)
821-7388; Cowen and Company, LLC c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY,11717, Attn:
Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; or William Blair & Company, L.L.C., Attention:
Prospectus Department, 150 North Riverside Plaza, Chicago, IL
60606, by e-mail at prospectus@williamblair.com or by telephone at
(800) 621-0687.
ABOUT IMMUNOGEN
ImmunoGen is developing the next generation of antibody-drug
conjugates 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.”
This press release includes forward-looking statements,
including statements related to the public offering of securities
by ImmunoGen, including statements about the completion and timing
of the public offering, the anticipated total gross proceeds from
the offering and the intended use of the net proceeds of the
offering and existing capital. 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, 2018 and other reports filed with the Securities and Exchange
Commission.
95046004v.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200122005884/en/
ImmunoGen Courtney O’Konek 781-895-0600
courtney.okonek@immunogen.com
OR
FTI Consulting Robert Stanislaro 212-850-5657
robert.stanislaro@fticonsulting.com
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Aug 2024 to Sep 2024
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Sep 2023 to Sep 2024