Clinical-stage biopharmaceutical company, Immunomedics, Inc. (NASDAQ:IMMU), announces that it has priced an offering of 10,000,000 shares of stock and warrants to purchase up to 10,000,000 shares of common stock with anticipated gross proceeds of $30 million.
MORRIS PLAINS, N.J., Oct. 05, 2016 (GLOBE NEWSWIRE) — Immunomedics, Inc., (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.
The shares of common stock and accompanying warrants described above are being offered by Immunomedics pursuant to a shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission. A prospectus supplement and accompanying base prospectus related to the offering will be filed with the SEC and will be available on its web site at www.sec.gov. When available, copies of the prospectus supplement and accompanying prospectus may be obtained from Wells Fargo Securities, LLC, Equity Syndicate Department, 375 Park Avenue, New York, NY, 10152, or by email at firstname.lastname@example.org, or by telephone at (800) 326-5897.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Immunomedics’ advanced proprietary technologies allow the Company to create humanized antibodies that can be used either alone in unlabeled or “naked” form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. Using these technologies, Immunomedics has built a pipeline of eight clinical-stage product candidates. Immunomedics’ portfolio of investigational products includes antibody-drug conjugates (ADCs) that are designed to deliver a specific payload of a chemotherapeutic directly to the tumor while reducing overall toxic effects that are usually found with conventional administration of these chemotherapeutic agents. Immunomedics’ most advanced ADCs are sacituzumab govitecan (IMMU-132) and labetuzumab govitecan (IMMU-130), which are in Phase 2 trials for a number of solid tumors and metastatic colorectal cancer, respectively. Immunomedics also has a number of other product candidates that target solid tumors and hematologic malignancies, as well as other diseases, in various stages of clinical and preclinical development. These include combination therapies involving its antibody-drug conjugates, bispecific antibodies targeting cancers and infectious diseases as T-cell redirecting immunotherapies, as well as bispecific antibodies for next-generation cancer and autoimmune disease therapies, created using its patented DOCK-AND-LOCK® protein conjugation technology.
This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials (including the funding therefor, timing or associated costs), related timelines, and capital raising activities, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, new product development (including clinical trials outcome and regulatory requirements/actions), the Company’s dependence on business collaborations in order to further develop our products and finance our operations, the risk that we or any of our collaborators may be unable to secure regulatory approval of and market our drug candidates, risks associated with the outcome of pending litigation and competitive risks to marketed products, and availability of required financing and other sources of funds on acceptable terms, if at all, as well as the risks discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Shares of Immunomedics, Inc. (NASDAQ:IMMU) are actively moving -23.78% thus far today on the news and have traded in the range of $2.30 – $2.57 during the session. A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $5.00 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $0.00 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.47 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading -16.81% away from its 50-day moving average of $3.01. Based on the most recent available data, the equity is -54.04% off of its 52-week high of $5.44 and +55.28% away from its 52-week low which is $1.61.
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Today, the stock opened at $2.45 and the last bid at the time of writing stood at $2.50. During the session thus far, the equity dipped down to $2.30 and touched $2.57 as the high point. Immunomedics, Inc. (NASDAQ:IMMU) has a market cap of $239.66M and has seen an average daily volume of 946986 over the past three months.
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