Immunomedics Inc. on Wednesday filed for a public offering of2.5 million shares of common stock. Following the offering,the Warren, N.J., company will have 26 million shares of stockoutstanding. Immunomedics stock (NASDAQ:IMMU) closed at$6.88, up13 cents, on Wednesday.
Among other uses, the proceeds will be used for a new facilityto manufacture ImmuRAID-CEA colorectal cancer imagingagent. The facility will also house Immunomedics' corporateoffices. Immunomedics, which is developing monoclonalantibodies to detect and treat cancer and infectious diseases,applied in April for Food and Drug Administration marketingapproval for ImmuRAID.
Underwriters Allen & Co. Inc. of New York and KemperSecurities Group Inc. in Cleveland have an option to purchasean additional 375,000 shares to cover overallotments.
(c) 1997 American Health Consultants. All rights reserved.