ImmunoGen looks for $39M in stock offering

Massachusetts-based ImmunoGen is offering 5 million shares of its stock at a price of $7.00 per share. The company is hoping to raise a total of $33 million after underwriting discounts, commissions and expenses. The company has granted the underwriters a thirty day option to purchase up to an additional 750,000 shares to cover any over-allotments. Oppenheimer & Co is acting as the sole book-runner for the offering

Immunogen is developing anticancer therapeutics with its Targeted Antibody Payload (TAP) technology. The company recently landed a $6.5 million milestone payment form for its work on a breast cancer therapy program in development with Genentech. Immunogen is also collaborating with Sanofi-Aventis, Biogen Idec and Biotest on compounds utilizing TAP technology.

- here's ImmunoGen's announcement
- read the MassHighTech report

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