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Immunomedics Announces Closing of $30 Million FinancingMORRIS PLAINS, N.J., Oct. 12, 2016 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) announced today that it has closed on a previously disclosed underwritten offering of 10,000,000 shares of common stock and warrants to purchase up to 10,000,000 shares of common stock, with gross proceeds of $30 million. Each share of common stock and its accompanying warrant was priced at $3.00. The warrants are exercisable six months following the date of issuance, will expire on the second anniversary of the date of issuance and have an exercise price of $3.75. Immunomedics intends to use the proceeds from the offering primarily in continuing support of clinical and regulatory activities for IMMU-132, including submission of a NDA to FDA for accelerated approval in metastatic triple-negative breast cancer, and for working capital and general corporate purposes. Wells Fargo Securities, LLC is acting as sole book-running manager. The shares of common stock and accompanying warrants described above are being offered by Immunomedics pursuant to a shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission. A prospectus supplement and accompanying base prospectus related to the offering has been filed with the SEC and is available on its web site at www.sec.gov. Copies of the prospectu supplement and accompanying prospectus may be obtained from Wells Fargo Securities, LLC, Equity Syndicate Department, 375 Park Avenue, New York, NY, 10152, or by email at [email protected], or by telephone at (800) 326-5897. About Immunomedics This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials (including the funding therefor, timing or associated costs), related timelines, and capital raising activities, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, new product development (including clinical trials outcome and regulatory requirements/actions), the Company’s dependence on business collaborations in order to further develop our products and finance our operations, the risk that we or any of our collaborators may be unable to secure regulatory approval of and market our drug candidates, risks associated with the outcome of pending litigation and competitive risks to marketed products, and availability of required financing and other sources of funds on acceptable terms, if at all, as well as the risks discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
For More Information: Dr. Chau Cheng Senior Director, Investor Relations & Corporate Secretary (973) 605-8200, extension 123 [email protected] |