Oppenheimer and Cowen are the joint bookrunning managers for the deal
By Devika Patel
Knoxville, Tenn., Feb. 27 - Immunomedics, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $2.1 million greenshoe in full for total proceeds of $16.1 million. The offering was announced Feb. 21 and priced for $14 million on Feb. 22.
The company sold 7 million common shares at $2.30 per share. The price per share is a 14.82% discount to the Feb. 21 closing share price of $2.70. Of the shares, 913,044 were part of the greenshoe.
Oppenheimer & Co. Inc. and Cowen and Co., LLC were the joint bookrunning managers.
Proceeds will be used for clinical development, research and development activities, working capital and general corporate purposes.
Based in Morris Plains, N.J., Immunomedics develops monoclonal, antibody-based products used to treat cancer, autoimmune and other diseases.
| Issuer: | Immunomedics, Inc.
|
| Issue: | Common stock
|
| Amount: | $16.1 million (including $2.1 million greenshoe)
|
| Shares: | 7 million
|
| Price: | $2.30
|
| Warrants: | No
|
| Bookrunners: | Oppenheimer & Co. Inc. and Cowen and Co., LLC
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| Announcement date: | Feb. 21
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| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 27
|
| Stock symbol: | Nasdaq: IMMU
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| Stock price: | $2.70 at close Feb. 21
|
| Market capitalization: | $169.57 million
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