Radiopharmaceutical firm Immunomedics said it has signed definitive agreements to complete approximately $36 million in financing through the issuance of senior convertible notes and common stock warrants.
The private placement, which will be sold to qualified institutional investors and institutional accredited investors, is expected to close April 29, subject to customary closing conditions.
The funds will allow Immunomedics to move forward independently with registration trials for its lead product, epratuzumab, for patients with moderate and severe lupus. The money will also be used as working capital, and to retire outstanding 3.25% convertible notes due January 2006, according to the Morris Plains, NJ-based firm. Immunomedics said it would continue, however, to hold discussions with potential partners for epratuzumab.
By AuntMinnie.com staff writers
April 28, 2005
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