BioCentury
ARTICLE | Finance

April 29 Quick Takes: After ADC approval, Immunomedics raises $420M for rollout; plus Genespire, Vertex, Ocumension and Cadent

April 30, 2020 1:26 AM UTC
Updated on Apr 30, 2020 at 12:27 PM UTC

Immunomedics raises $420M to roll out Trodelvy for breast cancer
Immunomedics Inc. (NASDAQ:IMMU) raised $420 million late Tuesday through the sale of 14.7 million shares at $28.50 in a bumped-up follow-on. The price is a slight premium to the antibody-drug conjugate company’s close of $28.33 on Monday, when it proposed after hours to raise $350 million. Last week, FDA granted accelerated approval to Immunomedics’ Trodelvy sacituzumab govitecan as third-line treatment for triple-negative breast cancer.

Italian newco Genespire raises $17.4M series A
Gene therapy play Genespire Inc. raised €16 million ($17.4 million) in a series A round from Sofinnova Partners. The deal includes an investment from the firm's Sofinnova Telethon Fund, closed early this year to invest in Italian biotechs. Genespire, which spun out of San Raffaele Telethon Institute for Gene Therapy in March, named Julia Berretta CEO. Berretta was part of the executive committee at CAR T play Cellectis S.A. (Euronext:ALCLS; NASDAQ:CLLS) (see “Sofinnova Expanding Start-Up Ecosystem in Italy”). ...