Radiopharmaceutical firm Immunomedics has signed agreements to sell approximately 4.2 million shares of its common stock to select institutional investors, yielding net proceeds of $15.1 million. The shares were sold at a price of $3.61 per share.
The sale is expected to close on or about August 2, subject to customary closing conditions. The Morris Plains, NJ-based firm said that it has also granted investors rights to purchase approximately 4.2 million shares of its common stock at a price of $3.97 per share, no later than November 24.
Immunomedics president and CEO Cynthia Sullivan said the stronger cash position improves the firm's negotiating position in various out-licensing discussions.
By AuntMinnie.com staff writersAugust 2, 2004
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