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Print Edition StoriesThursday, June 18, 2009
ImmunoGen aims for $39 million in stock offering
By MHT Staff
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Waltham biopharmaceuticals firm ImmunoGen Inc. says that it plans to offer up for sale 5 million shares of its common stock in a follow-on public offering that should bring about $39 million into the company, based on the price of its stock at last night’s close.
According to officials, ImmunoGen (Nasdaq: IMGN) expects to grant the underwriters a 30-day option to purchase as much as 750,000 additional shares to cover any possible over-allotments. Oppenheimer & Co. Inc. is the sole bookrunner for the sale.
The offering is being done under a shelf registration filing with the U.S. Securities and Exchange Commission that ImmunoGen submitted in July 2008.
In March, ImmunoGen reported it will receive a $6.5 million milestone payment from Genentech Inc. and Roche Holding AG, stemming from the start of a Phase 3 trial of a treatment for HER2-positive metastatic breast cancer developed by the two companies.
The Phase 3 trial tests T-DM1, which uses ImmunoGen’s DM1 cell-killing agent in combination with Genentech’s anti-HER2 antibody, trastuzumab, as a second-line breast cancer treatment.
ImmunoGen is working on anticancer therapeutics using its proprietary Targeted Antibody Payload (TAP) technology. For fiscal 2008, ImmunoGen reported a loss of $32 million on revenue of $42.25 million.
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