Immunogen Inc. announced that the Securities and ExchangeCommission has cleared its registration for the sale of 1.75million shares of common stock at $7 per share. The offeringwill net $11.1 million when expenses are deducted.
Immunogen is raising less than it had anticipated. When theoffering was announced in November, the company wasseeking to sell 2.5 million shares and stock was selling at$10.38 per share (see BioWorld, Nov. 29).
The underwriters for the offering are Smith Barney ShearsonInc. and Montgomery Securities.
Upon completion of the offering, Immunogen (NASDAQ:IMGN)of Cambridge, Mass., will have 12.3 million shares of stockoutstanding. The company has a burn rate of approximately$1.5 to $1.9 million per month.
Immunogen's stock closed at $7 per share last Thursday, down38 cents, when the company announced SEC clearance of theoffering. It closed at $7.25 yesterday, up 25 cents.-- Brenda Sandburg
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