MORRIS PLAINS, N.J., Dec. 09, 2019 (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 common stock. The total number of shares of common stock sold was 16,428,572, composed of 14,285,715 shares of common stock initially offered and an additional 2,142,857 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 $17.50 per share. The total net proceeds from the offering for Immunomedics are estimated to be approximately $272 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 accelerate commercial launch readiness, pending FDA approval, of sacituzumab govitecan in the United States in metastatic triple-negative breast cancer, continue to expand the clinical development programs for sacituzumab govitecan, 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.

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

About Immunomedics

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer. Immunomedics’ corporate objective is to become a fully-integrated biopharmaceutical company and a leader in the field of antibody-drug conjugates.