IMMUNOMEDICS COMPLETES OFFERING OF 2 MILLION SHARES OF COMMON STOCK COMPANY EXPANDS FACILITIES
IMMUNOMEDICS COMPLETES OFFERING OF 2 MILLION SHARES
OF COMMON STOCK COMPANY EXPANDS FACILITIES
WARREN, N.J., Jan. 30 /PRNewswire/ -- Immunomedics, Inc. (NASDAQ: IMMU) announced the public offering of 2 million new shares of common stock priced at $14 a share. The shares are being offered through Allen and Company Incorporated, Kemper Securities Group, Inc. and SBCI Swiss Bank Corporation Investment Banking, Inc.
"This offering is a strong indication of investors' in Immunomedics' future and in the company's ability to continue to meet its objectives," noted Amy Factor, vice president, finance and administration. "The proceeds of the offering will bring our cash position to over $50 million. This funding will be used for the construction of a commercial scale manufacturing facility to meet future worldwide product demand and for the company's clinical trial and research programs. We have seven products currently in clinical trials in the United States, clinical activity is accelerating in Europe and various potential cancer therapeutics are currently in preclinical testing," further noted Factor.
The company recently entered into a lease for a new facility, located in Morris Plains, N.J., which will be the site of the company's commercial scale manufacturing facility, research and development activities and corporate offices. Renovation of the company's Newark facility is nearing completion, and the facility is designed to meet the initial demand of the company's colorectal cancer product, ImmuRAID-CEA, which is now under review at the U.S. Food and Drug Administration.
Immunomedics is a biopharmaceutical company applying innovative technology in antibody selection, modification and chemistry to the development of products for the detection and treatment of cancers and infectious diseases. Integral to these products are highly specific nonoclonal antibodies designed to deliver radioisotopes, chemotherapeutic agents or toxins to tumors and sites of infections or other diseases.
/CONTACT: Amy Factor of Immunomedics, 908-647-5400/
(IMMU) CO: Immunomedics Inc. ST: New Jersey IN: MTC SU: OFR SM-TM -- NY030 -- 5144 01/30/92 10:19 EST