10:11 AM
 | 
Jun 13, 2018
 |  BC Extra  |  Financial News

Immunomedics raises $276M on heels of BLA submission

Immunomedics Inc. (NASDAQ:IMMU) raised $276 million through the sale of 11.5 million shares at $24 in a follow-on underwritten by Morgan Stanley, Cowen, Jefferies and Wells Fargo Securities. The offering price is just above Immunomedics' close of $23.83 Monday, when it proposed after-market hours to raise $275 million.

The biotech added $0.61 to $24.44 on Tuesday and was off $0.11 to $24.33 Wednesday.

Immunomedics submitted in May a BLA for lead candidate sacituzumab govitecan (IMMU-132) seeking approval to treat metastatic triple-negative breast cancer (TNBC) in the third-line setting. The company initiated the Phase III ASCENT trial for the same indication in 4Q17 to fulfill part of the accelerated approval requirements, according to an SEC filing.

In January, Immunomedics sold royalty rights for the antibody-drug conjugate (ADC) to Royalty Pharma (New York,, N.Y.) for $175 million in cash (see BioCentury Extra, Jan. 8).

The humanized antibody against epithelial glycoprotein-1 (EGP-1) conjugated with SN-38, the active metabolite of irinotecan, has breakthrough therapy designation for metastatic TNBC as a third-line therapy.

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