WALTHAM, Mass.--(BUSINESS WIRE)--ImmunoGen, Inc. (NASDAQ: IMGN) today announced that it intends to offer and sell, subject to market and other conditions, 13,000,000 shares of its common stock in an underwritten public offering. ImmunoGen also intends to grant the underwriters a 30-day option to purchase up to an additional fifteen percent (15%) of the shares of common stock offered in the public offering. All of the shares of common stock to be sold in the offering are to be offered by ImmunoGen.
ImmunoGen intends to use the net proceeds of the offering, together with its existing capital, to fund its operations, including, but not limited to, research and development activities, clinical trial activities, manufacturing and supply of drug substance and drug products, commercialization preparation, acquisitions of new technologies, capital expenditures and working capital.
Jefferies, Leerink Partners and RBC Capital Markets are acting as joint book-running managers for the proposed offering. Canaccord Genuity is acting as co-manager for the proposed offering.
ImmunoGen is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its proprietary antibody-drug conjugate (ADC) technology. The Company’s lead product candidate, mirvetuximab soravtansine, is in a Phase 3 trial for FR?-positive platinum-resistant ovarian cancer, and is in a Phase 1b/2 trial in combination regimens for earlier-stage disease. ImmunoGen has three additional clinical-stage compounds, two of which Jazz Pharmaceuticals has exclusive, worldwide rights to opt into development and commercialization. ImmunoGen’s ADC technology is also used in Roche’s marketed product, Kadcyla® and in programs in development by Amgen, Bayer, Biotest, CytomX, Debiopharm, Lilly, Novartis, Sanofi and Takeda.