WALTHAM, Mass.--(BUSINESS WIRE)--ImmunoGen, Inc. (NASDAQ: IMGN) today announced the closing of its previously announced underwritten public offering of 16,675,000 shares of its common stock, including 2,175,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a price to the public of $6.50 per share. The gross proceeds to ImmunoGen from the offering (before deducting the underwriting discounts and offering expenses) were $108.4 million.
ImmunoGen anticipates using 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 acted as joint book-running managers for the offering. Canaccord Genuity acted as sole co-manager for the 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 are being developed in collaboration with Jazz Pharmaceuticals. 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.