BioCentury
ARTICLE | Financial News

Immunomedics raises $30.2 million in follow-on

May 3, 2014 1:30 AM UTC

Immunomedics Inc. (NASDAQ:IMMU) raised $30.2 million through the sale of 9 million shares at $3.35 in a follow-on underwritten by Wells Fargo Securities and Jefferies. Immunomedics proposed the follow-on late Thursday, when its share price was $4.14. The company's most advanced internal program, yttrium-90-clivatuzumab tetraxetan (formerly IMMU-107), is in the Phase III PANCRIT-1 trial to treat metastatic pancreatic cancer, with top-line data expected as early as 1Q16. The product is an yttrium-90 radiolabeled humanized mAb against mucin 1 ( MUC1; CD227).

Immunomedics' most advanced partnered program, epratuzumab ( IMMU-103), is in the Phase III EMBODY 1 and 2 trials to treat moderate to severe systemic lupus erythematosus (SLE), with data expected in 1Q15. UCB Group (Euronext:UCB) has rights to the humanized mAb targeting CD22 for autoimmune indications. ...