ImmunoGen, Inc., (NASDAQ: IMGN) announced the pricing of an underwritten public offering of 21,325,000 shares of its common stock at a price of $4.25 per share, before underwriting discounts. ImmunoGen also granted the underwriters a 30-day option to purchase up to an additional 3,198,750 shares of its common stock at the public offering price, less the underwriting discounts. All of the shares of common stock in the offering are to be sold by ImmunoGen.
ImmunoGen anticipates the total gross proceeds from the offering (before deducting the underwriting discounts and estimated offering expenses) will be $90.6 million, excluding any exercise of the underwriters' option to purchase additional shares.
ImmunoGen intends to use the net proceeds of the offering, together with its existing capital, to fund its operations, including, but not limited to, clinical trial activities, supply of drug substance and drug product, pre-commercialization activities, capital expenditures, and working capital.
Jefferies, Cowen and William Blair are acting as joint book-running managers for the proposed offering.