MORRIS PLAINS, N.J., June 15, 2018 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (NASDAQ:IMMU), a leading biopharmaceutical company in the area of antibody-drug conjugates (ADC), today announced the closing of its previously announced underwritten public offering of 11,500,000 shares of the Company’s common stock at a public offering price of $24.00 per share. The total net proceeds from the offering for Immunomedics are estimated to be approximately $260 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.

Immunomedics intends to use the net proceeds from the proposed offering for the acceleration of the clinical development program of sacituzumab govitecan, manufacturing process improvements as well as for working capital and general corporate purposes.

Morgan Stanley, Cowen and Jefferies acted as book-running managers for the offering and Wells Fargo Securities acted as lead manager.

Immunomedics was represented by DLA Piper LLP (US), Short Hills, New Jersey as legal counsel.

The underwriters were represented by Goodwin Procter LLP, New York, New York as legal counsel.

About Immunomedics

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer and other serious diseases. Immunomedics’ corporate objective is to become a fully-integrated biopharmaceutical company and a leader in the field of antibody-drug conjugates. For additional information on the Company, please visit its website at https://immunomedics.com/. The information on its website does not, however, form a part of this press release.