Immunomedics Inc. has raised $28 million in a secondaryoffering of 2 million shares of common stock at $14 per share,the company said Thursday.
It was the Warren, N.J., company's second offering since July,when it raised $15.4 million through the sale of 2.2 millionshares priced at $7. The stock (NASDAQ:IMMU) closed at$14.13, down 50 cents, on Thursday.
The funds will be used to build a commercial-scalemanufacturing facility. Immunomedics is developingmonoclonal antibodies to deliver radioisotopes,chemotherapeutic agents and toxins to detect and treat cancersand infectious diseases. It has seven products in U.S. clinicaltrials.
After the offering, Immunomedics has 27.8 million sharesoutstanding. Underwriters Allen & Co. Inc., Kemper SecuritiesGroup Inc. and SBCI Swiss Bank Corporation InvestmentBanking Inc. have a 300,000-share overallotment option.
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