Biopharmaceutical firm Immunomedics has closed its underwritten public offering of 9 million shares of its common stock, raising expected gross proceeds of $30.15 million.
Immunomedics has also granted the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock.
The proceeds of the offering will be used to fund Immunomedics' phase III clinical trial for patients with advanced pancreatic cancer and its ongoing phase II expansion trials for its IMMU-132 and IMMU-130 antibody-drug conjugates, according to the company. The proceeds will also be used for working capital and general corporate purposes.
