ImmunoGen Inc. announced Monday that it has filed for a 2million-share secondary offering of common stock, making itone of a growing number of biotech companies going back tothe public offerings well for a second time in 1991.
In March, the Cambridge, Mass., company raised $38 million byselling 2 million shares priced at $19 per share.
ImmunoGen plans two Phase III trials in 1992 of Oncolysin B,its Anti-B4 monoclonal antibody linked to blocked ricin, aplant toxin. A trial slated to begin in the first quarter wouldtest Oncolysin in lymphoma patients who have received bonemarrow transplants. A second trial in the first half of the yearwould test the drug in lymphoma and leukemia patients whohave undergone chemotherapy.
If the offering is completed, ImmunoGen will have 10.3 millionshares outstanding. Underwriters PaineWebber Inc., Hambrecht& Quist Inc. and Montgomery Securities have an overallotmentoption to purchase an additional 300,000 shares.
The stock (NASDAQ:IMGN) closed down 50 cents on Monday at$18.25. -- KB
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