ImmunoGen Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
January 27 2020 - 4:01PM
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 24,523,750 shares of its common
stock at a price of $4.25 per share, which included the exercise in
full by the underwriters of their option to purchase up to
3,198,750 additional shares of common stock. ImmunoGen received
total gross proceeds from the offering (before deducting the
underwriting discounts and offering expenses) of $104.2
million.
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 acted as joint book-running
managers 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 final 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 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 filings with the Securities
and Exchange Commission.
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INVESTOR RELATIONS AND MEDIA
ImmunoGen Courtney O’Konek 781-895-0600
courtney.okonek@immunogen.com
OR
FTI Consulting Robert Stanislaro 212-850-5657
robert.stanislaro@fticonsulting.com
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