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ImmunoGen closes $108.4M common stock offering

ImmunoGen Inc. closed its underwritten public offering of 16,675,000 common shares priced at $6.50 apiece for gross proceeds of $108.4 million.

The shares sold included 2,175,000 shares sold pursuant to the underwriters' full exercise of their option to buy additional shares.

ImmunoGen plans to use the net proceeds, together with its existing capital, to fund its operations, including, but not limited to, research and development activities, clinical trial activities, manufacturing and supply of drug substance and drug products, commercialization preparation, acquisitions of new technologies, capital expenditures and working capital.

Jefferies, Leerink Partners and RBC Capital Markets acted as joint book-running managers and Canaccord Genuity acted as sole co-manager for the offering.