Immunomedics raises $276M on heels of BLA submission

Immunomedics Inc. (NASDAQ:IMMU) raised on June 13 $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 on June 11, when it proposed after-market hours to raise $275 million.

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...