Im­muno­Gen prices $325M pub­lic of­fer­ing af­ter con­fir­ma­to­ry tri­al in ovar­i­an can­cer

Im­muno­Gen tout­ed pos­i­tive da­ta from a con­fir­ma­to­ry tri­al test­ing out its drug Ela­here for ad­vanced ovar­i­an can­cer on Wednes­day, and to close out the week, it an­nounced the pric­ing of an up­sized pub­lic of­fer­ing of its com­mon stock that will bring in more than $300 mil­lion.

The an­ti­body-drug con­ju­gate-fo­cused biotech is sell­ing off 26 mil­lion shares of its com­mon stock at a price of $12.50 per share, like­ly clos­ing on May 9. The com­pa­ny ex­pects the to­tal gross pro­ceeds be­fore any de­duc­tions to be about $325 mil­lion. The mon­ey will go to­ward its sup­ply of Ela­here, glob­al com­mer­cial­iza­tion, clin­i­cal tri­als, pipeline R&D, busi­ness de­vel­op­ment and cap­i­tal ex­pen­di­tures.

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