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Immunomedics, Inc. (IMMU) Prices $30 Million Public Offering Of Common Stock


5/2/2014 8:52:55 AM

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MORRIS PLAINS, N.J., May 2, 2014 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) today announced the pricing of an underwritten public offering of 9 million shares of its common stock, offered at a price to the public of $3.35 per share. The gross proceeds from this offering to Immunomedics are expected to be $30.15 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Immunomedics. Immunomedics has granted the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock. The offering is expected to close on or about May 7, 2014, subject to customary closing conditions. All of the shares sold in the offering are being sold by Immunomedics, with the proceeds to fund the Company's Phase III clinical trial for patients with advanced pancreatic cancer and its ongoing Phase II expansion trials for IMMU-132 and IMMU-130, as well as for working capital and general corporate purposes.

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