Immunomedics Inc. initiated an underwritten public offering of $275 million of its common shares.
The company also plans to grant the underwriters an option to buy up to approximately an additional $41.3 million of shares.
Immunomedics plans to use the net proceeds for the acceleration of the clinical development program of sacituzumab govitecan for solid cancers.
In addition, the proceeds will be used for manufacturing process improvements as well as for working capital and general corporate purposes.
Morgan Stanley, Cowen and Jefferies are acting as book-running managers for the offering.
Morris Plains, N.J.-based Immunomedics is a clinical-stage biopharmaceutical company, which focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other diseases.
