Waltham, MA-based ImmunoGen (NASDAQ: [[ticker:IMGN]]) said today it has netted about $67.4 million through a stock offering. The company sold 9 million shares to investors at $8 apiece, for a gross of $72 million, then subtracted underwriting discounts and expenses. Underwriters of the deal have a 30-day option to buy another 1.35 million shares. JP Morgan Securities is the sole book-runner for the offering while Oppenheimer & Co., RBC Capital Markets, Cantor Fitzgerald and Morgan Joseph are co-managers. The deal provides a big new cushion for ImmunoGen, which expects to burn through about $38 million to $41 million during the fiscal year ending June 30.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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