WALTHAM, Mass .– (COMMERCIAL THREAD) – 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 public offering of 17 486,364 shares of its stock, which reflects the full exercise by the underwriters of their option to purchase up to 5,850,000 additional common shares, and pre-funded warrants for the purchase of 27,363,636 common shares. Common shares were sold at a price of $ 6.60 per share and the pre-funded warrants were sold at a price of $ 6.59 per pre-funded warrant, which represents the public offering price per share for the common stock less the $ 0.01 per share. strike price for each of these pre-funded warrants, in each case before subscribing for discounts and commissions. All of the common shares and pre-funded warrants of the offering have been sold by ImmunoGen.
The total gross proceeds of the offering (before deducting subscription discounts and offering fees) was $ 295.7 million.
ImmunoGen intends to use the net proceeds of the offering to fund its operations, including, but not limited to, marketing activities, clinical trials activities, pharmaceutical supply, activities development, capital expenditures and working capital.
Jefferies, Cowen and Guggenheim Securities acted as co-book managers for the offer. Canaccord Genuity acted as lead manager for the offering.
The securities described above were offered by ImmunoGen in accordance with a pre-registration statement that was previously filed with the Securities and Exchange Commission (SEC) and became effective on filing. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of such offering, and there will be no sale of such securities in any state or other jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or other jurisdiction. A Final Prospectus Supplement and the accompanying prospectus relating to the Offer have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the Final Prospectus Supplement and accompanying prospectus relating to this offering can be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by email at prospectus_department @ jefferies .com or by phone at (877) 821-7388; Cowen and Company, LLC c / o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by email at [email protected] or by phone at (833) 297-2926; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, or by email at [email protected] or by phone at (212) 518-9544.
ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with improved anti-tumor activity and favorable tolerance profiles, we aim to disrupt cancer progression and provide our patients with better days. We call it our commitment to TARGET A BETTER NOW ™.
This press release contains forward-looking statements, including statements relating to the intended use of the net proceeds of the public offering. 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 only current as of the date of this press release. . Factors that could cause future results to differ materially from these expectations include, but are not limited to, uncertainties inherent in clinical trials and marketing efforts and other factors more fully described in ImmunoGen’s annual report. on Form 10-K for the fiscal year ended December 31. , 2020 and other reports filed with the Securities and Exchange Commission.