Immunomedics (IMMU) Prices 10M Shares, Warrants at $3 Each
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Immunomedics, Inc., (Nasdaq: IMMU) today announced that it has priced an underwritten offering of 10,000,000 shares of common stock and warrants to purchase up to 10,000,000 shares of common stock with anticipated gross proceeds of $30 million. Each share of common stock and accompanying warrant will be priced at $3.00. The warrants will be exercisable six months following the date of issuance, will expire on the second anniversary of the date of issuance and have an exercise price of $3.75.
Immunomedics intends to use the proceeds from the offering primarily in continuing support of clinical and regulatory activities for IMMU-132, including submission of a NDA to FDA for accelerated approval in metastatic triple-negative breast cancer, and for working capital and general corporate purposes.
Wells Fargo Securities, LLC is acting as sole book-running manager. The closing of the offering is subject to certain customary conditions, and is expected to occur on or about October 11, 2016.
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