MORRIS PLAINS, N.J., May 01, 2020 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (NASDAQ: IMMU), a leading biopharmaceutical company in the area of antibody-drug conjugates, today announced the closing of its previously announced underwritten public offering of common stock. The total number of shares of common stock sold was 16,947,389, composed of 14,736,860 shares of common stock initially offered and an additional 2,210,529 shares of common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, in each case at a public offering price of $28.50 per share. The total net proceeds from the offering are estimated to be approximately $459 million, after deducting underwriting discounts and commissions but before deducting other estimated offering expenses payable by the Company.

Immunomedics intends to use the net proceeds from this offering primarily to support the commercial launch of Trodelvy™ in the United States in metastatic triple-negative breast cancer, continue to expand the clinical development programs for Trodelvy, invest in the broader clinical development of the platform (including IMMU-130 and IMMU-140), continued scale-up of manufacturing and manufacturing process improvements, as well as for working capital and general corporate purposes.

Cowen, BofA Securities, Jefferies LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering.

About Immunomedics

Immunomedics is a leader in next-generation antibody-drug conjugate (ADC) technology, committed to help transform the lives of people with hard-to-treat cancers. Our proprietary ADC platform centers on using a novel linker that does not require an enzyme to release the payload to deliver an active drug inside the tumor cell and the tumor microenvironment, thereby producing a bystander effect. TRODELVY, our lead ADC, is the first ADC FDA approved for the treatment of people with metastatic triple-negative breast cancer and is also the first FDA-approved anti-Trop-2 ADC.