IMMUNOMEDICS AMENDS INVESTOR WARRANT AGREEMENT
IMMUNOMEDICS AMENDS INVESTOR WARRANT AGREEMENT MORRIS PLAINS, N.J., June 19 /PRNewswire/ -- Immunomedics, Inc.
(NASDAQ: IMMU) announced that it has signed an amendment (the "Amendment Agreement") to a September 1988 warrant agreement. The warrant agreement, issued to a Japanese investor (the "Investor") in connection with a September 1988 private placement of the company's common stock, included a warrant to purchase up to 750,000 shares of the company's common stock on or before Sept. 22, 1992 at an exercise price of $15 per share. As a result of the March 1991 sale of convertible preferred stock and the July 1991 and January 1992 public offerings of common stock, the $15 per share exercise price of the warrant was subject to adjustment under the terms of the warrant agreement.
Pursuant to the amendment agreement, the parties have agreed to adjust the exercise price to $12 per common share providing that, on the date of exercise, the market price of the company's common stock is not less than $7.87 nor greater than $15.87. If the market price, on the date of exercise, is less than $7.87, the exercise price for each share will be $1 less than such market price. If the market price, on the date of exercise, is greater than $15.87, the purchase price for each share will be equal to $12 plus one-half of the amount by which such market price exceeds $15.87. The warrant expires on Sept. 22, 1992, subject to extension under certain circumstances. The investor has certain piggy-back registration rights. Immunomedics currently has 28.1 million shares outstanding. 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 monoclonal antibodies designed to deliver radioisotopes, chemotherapeutic agents or toxins to tumors and sites of infections or other diseases. -0- 6/19/92 /CONTACT: Amy Factor of Immunomedics, 201-605-8200/ (IMMU) CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU:
LR-OS -- NY054 -- 1998 06/19/92 14:50 EDT
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|Date:||Jun 19, 1992|
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