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Immunomedics to Raise 24 Million in Common Stock Offering
Jessica Perry//May 2, 2007
The sale is expected to raise $24 million in gross proceeds and close on or about May 7.Immunomedics Inc. (Nasdaq: IMMU), a biopharmaceutical company based in Morris Plains, today announced that it has entered into agreements with institutional investors to sell more than 4.8 million shares of its common stock in a registered direct offering. The sale, which would raise $24 million in gross proceeds, is expected to close on or about May 7. The company plans to use the proceeds from the offering to fund clinical development, research and development activities, commercialization expenses and for general corporate purposes, the company said in an SEC filing today. The proceeds may also be put toward the purchase of equipment, potential licenses and other acquisitions of products, technologies or businesses, according to the filing.
